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    • shutter
    • By shutter 16th Mar 17, 1:31 PM
    • 10Posts
    • 4Thanks
    Solicitor not yet requested Mortgage Funds
    • #1
    • 16th Mar 17, 1:31 PM
    Solicitor not yet requested Mortgage Funds 16th Mar 17 at 1:31 PM

    I am bit stressed at the moment. Our completion date is 23rd March and today I called Nat west to check my direct debit date and enquired about the release of funds.

    Nat west adviser on the phone told me they haven't received the COT from solicitor and need at least 5 working days before release of funds. I assume today is the cutoff day to achieve this.

    Last time I spoken to solicitor is on Monday and told me he is ready and about to request the funds but apparently nothing was done. Today I sent an email to solicitor but haven't got any reply and not available on the phone.

    My question is everything is booked based on the completion date, if for some reason it was delayed due to solicitor not requested the funds on time who is responsible for costs and associated fees?

    Any advise on what to do in this situation is greatly appreciated.

Page 1
    • kingstreet
    • By kingstreet 16th Mar 17, 2:09 PM
    • 33,395 Posts
    • 18,085 Thanks
    • #2
    • 16th Mar 17, 2:09 PM
    • #2
    • 16th Mar 17, 2:09 PM
    They'd like five days but they don't need them.

    Solicitors manage these things all the time, so best to just let them get on with the job and submit the COT when they are ready.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • davidmcn
    • By davidmcn 16th Mar 17, 2:13 PM
    • 7,670 Posts
    • 7,816 Thanks
    • #3
    • 16th Mar 17, 2:13 PM
    • #3
    • 16th Mar 17, 2:13 PM
    No lender actually needs 5 working days, I think that's just their unchallenging service standard. Generally they turn these things round pretty much by return.
    • hazyjo
    • By hazyjo 16th Mar 17, 2:26 PM
    • 10,529 Posts
    • 13,696 Thanks
    • #4
    • 16th Mar 17, 2:26 PM
    • #4
    • 16th Mar 17, 2:26 PM
    Completion dates often change. I presume you haven't exchanged yet. You shouldn't book or cancel anything until you have exchanged. My last one changed several times!

    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes
    • Tewdric
    • By Tewdric 16th Mar 17, 2:27 PM
    • 10 Posts
    • 6 Thanks
    • #5
    • 16th Mar 17, 2:27 PM
    • #5
    • 16th Mar 17, 2:27 PM
    We found out our Solicitor hadn't requested the mortgage funds from the bank the morning before we were due to complete - they'd also gone on holiday and left the file with a colleague.

    A desperate dash to our local branch by my OH, a long talk with the branch manager and a promise that the funds would be sent first thing on completion morning.

    Very, very stressful.......

    It was all resolved in the end, but I wouldn't want anyone else to go through what we did (removal van packed - no idea if we were going into storage or our new house at 12:30pm on completion day).

    Have another nag, and then check tomorrow and Monday if needed that everything is in place! Good luck.
    • lee111s
    • By lee111s 16th Mar 17, 2:44 PM
    • 2,881 Posts
    • 1,957 Thanks
    • #6
    • 16th Mar 17, 2:44 PM
    • #6
    • 16th Mar 17, 2:44 PM
    Our funds were requested on the Monday morning, for a Wednesday completion, that was with Nationwide.

    As such, we were only charged one day of interest as they sent the fund on the Tuesday morning, solicitor got them first thing Wednesday morning.
    • TBagpuss
    • By TBagpuss 16th Mar 17, 4:30 PM
    • 6,487 Posts
    • 8,418 Thanks
    • #7
    • 16th Mar 17, 4:30 PM
    • #7
    • 16th Mar 17, 4:30 PM
    Aslo, be aware that solicitors accountingrules mean that they usually have to time things so that they are not holding the funds for any legth of time.If they get them too early they have to send them back to the lender and re-request them.
    • shutter
    • By shutter 16th Mar 17, 5:31 PM
    • 10 Posts
    • 4 Thanks
    • #8
    • 16th Mar 17, 5:31 PM
    • #8
    • 16th Mar 17, 5:31 PM
    Hi All,

    Thanks for all replies. Yes exchange was done and completion date is finalised.

    I still haven't got any update but definitely check with them tomorrow as I haven't got final completion figure. It's kind reassuring that 5 days is not a norm but bit stressful not to know everything is in place.
    • Richard Webster
    • By Richard Webster 16th Mar 17, 5:47 PM
    • 7,437 Posts
    • 7,159 Thanks
    Richard Webster
    • #9
    • 16th Mar 17, 5:47 PM
    • #9
    • 16th Mar 17, 5:47 PM
    Well, NatWest have improved because a few years ago when I was doing conveyancing regularly they wanted 7 working days!

    As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.
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