Worried mortgage funds won't be released in time!

[prayingforrainbows]

FTB here.

We are due to complete on Thursday 9th December so in 2 days.

This was decided on the 1st of December and suggested by the sellers to which our solicitor agreed (we wanted to complete asap).

However, we have received an email this morning from our solicitor saying...

"I am just waiting for -mortgage lender- to confirm that your Mortgage funds will be released . I chased them yesterday but they hadn’t looked at your file as yet . We will continue to chase this"

Now I'm really worried!

Call mortgage company

Bumping

As PP said, call your lender or, if you used a broker, call your broker. They will be able to help.

Do you know when your solicitor requested the funds? Usually they need 5 working days notice. We are completing on Thursday too and our solicitor requested the funds on 29th November.

Are you exchanging and completing on the same day? If you haven't exchanged it might be you won't be able to complete this week. If you have exchanged you have to complete otherwise you are in breach of the contract.

If you exchanged on the 1st your solicitor should have immediately requested the money.

Call everyone, broker, lender, solicitor and repeat. It can still happen.

I believe they were requested on the 1st of December and our solicitor stated we wouldn't exchange contracts until she has confirmation from the lender that the funds will be available in time for completion.

If you haven't yet exchanged, then it's possible you won't be completing on Thursday. People often like to leave a week or two between exchange and completion for packing, arranging removals etc.

You need to chase your broker or lender repeatedly until you receive confirmation.

Is there anything riding on completing on Thursday, or can you afford to bump to next week?

@jellybean30

If you haven't yet exchanged, then it's possible you won't be completing on Thursday. People often like to leave a week or two between exchange and completion for packing, arranging removals etc.

You need to chase your broker or lender repeatedly until you receive confirmation.

Is there anything riding on completing on Thursday, or can you afford to bump to next week?

Luckily we're in a position where we have accommodation so can wait. It would mess up a few things with deliveries and removals etc but nothing of major concern.

I work for a mortgage lender we quote often do same day exchange and completion cases. Quite often the funds release button is pressed with only a few mins to spare. We're great at customer service though. You need to get it chased with the bank. They normally ask for 5 days just in case there are any issues with the COT but as long as everything is set up it's not a long process. As long as someone knows it's there and will pick it up. Get the sols and broker if you have one to get it escalated.

Sent 3 separate emails and 3 attempts to call solicitors today, not able to reach them. 😭

Ok but have you contacted your mortgage lender, or broker if you went via a broker? You've only talked about contacting your solicitor.

Have you contacted the bank or if you have a broker, ask them to contact the bank for you as a matter of urgency?

I had a scare last week with an urgent item awaited from the lender. My mortgage broker helped calling the bank and it got sorted within 1 day. It was a very stressful day going back and forth between the bank who said they already sent it and my solicitor who said they hadn't received, and it's only thanks to the escalation attempt of my advisor that it was resolved.

Not much point in chasing your solicitor
If you want to chase anyone chase the broker or mortgage company

Thanks everyone for suggesting speaking to mortgage advisor, we rang them and they logged into the system and said the bank have set the release of funds for tomorrow so should be hearing from the solicitor shortly. Phew 😅

Glad to hear it!