Buying a house - exchange / completion

[itsnearlymytime]

Hello!

I am buying a house and we're due to exchange tomorrow and should find out when we should be able to complete. (Within next 10 days is agreement)

They said that the bank takes up to 5 days to release funds, is this because that's how long it takes for the money to hit our solicitors account?

If not, why does it take so long?

Sorry I'm a first time buyer so a little confused!

Thanks

Who is they?
Solicitor?

@FTEngineerM yes sorry, they being the solicitor said that the bank takes around 5 days

Your solicitor will need to send a "certificate of title" to the bank. That is a document which essentially says to the bank that the solicitor (who is your solicitor AND the bank's solicitor):

1. advises them that there is good title and the property is good for lending; and
2. is asking for funds for a set day (completion)

5 days is pretty standard notice period. Some banks do it quicker. Most solicitors won't want to send the certificate of title in until exchange as there is no certainty of completion until that point, and if they ask for funds and can't complete they have to send them back and it'll cost you legal fees and bank transfer fees

@Newtothis2646 that's so helpful! Thank you so much for this :) appreciate it