Two property chain, two mortgages - expectation of minimum time between exchange/completion?

[ilovewinterpansies]

Just that really.

What's the minimum time that mortgage companies need to draw down funds for completion?

We are in a two property chain, both transactions need mortgages. Ours is with Santander (don't know the other). Not exchanged yet but looking to happen quite soon, probably next week. We're under time pressure to complete before mid July (family trip overseas that we've already cancelled once so can't do it again - mortgage offer expires on our return so it needs to be done before then).

I know people like to leave at least a week in between to organise stuff but I don't know if I'll have that luxury!!

It usually takes five days to drawn down mortgage funds, but your solicitor could do that before exchange (if everything stalled and you didn’t need the funds you’d be charged to return them though.)

Just be aware that, until you exchange, there is no guarantee it will all go ahead. If you book removals etc before exchange and the completion date then changes, you may lose that money.
I was supposed to have exactly a week last time, it ended up being 4 days as my buyer didn't transfer their deposit on the exchange date and wasn't answering their phone, so everyone's exchange was delayed over the weekend.
Our vendors had tried to get us to exchange and complete on the same day, I'm so glad I refused else we would have had everything loaded into a van before finding out that the buyer had gone AWOL!

Thanks both.

Our buyers are suggesting exchanging on Monday/Tuesday and completing by Thursday/Friday.

To me that would be ideal. But is it even possible?!

Mortgage wise, we are with Santander and they're with NatWest.

@theluggageslegs that's good to know. Why 5 days when banking/wiring money is usually instant?

Large transfers aren't; various checks have to be done. If you tried to transfer say £15k to someone the bank usually puts a stop on it and contacts you or does antifraud checks.

I don't think the limit is a low as 15K Awkward - I have done three international moves and not once has a tfr been stopped for antifraud checks.

ilove - we have done an exchange on Tuesday with completion on Friday. It went without a hitch - well the sellers were a little late getting their stuff out (4pm), but no issues with legal/financial stuff.

Mortgage companies usually quote a minimum 7 days to draw down but can do it much much quicker. Your Solicitors should be letting the banks know that they’ll need the draw down quicker here and it should be possible. Just make sure you’re at the top of your conveyancer’s list and that might need you to chase a fair bit in my experience.

I'm not sure of exact figure - but when we bought our first flat we were warned about transferring the deposit to solicitors a few days early as it can get stopped or delayed. I think most UK banks have a daily transfer limit?