How long to get mortgage funds back?

Buyingahouse2024 · 2024-06-02T08:58:16+00:00

Hi All, Stressed is an understatement right now. We were due to complete on Friday exchange kept getting put off all week for loads of different reasons at the bottom of the chain. The plan on Friday was to just exchange and complete to get it over the line. We had a moving van on our drive all packed up ready to go. We didn't complete as the FTB transferred their funds first thing but didn't give authority to exchange until 14:00 so we were told it was simply too late in the day. To top things off we're top of the chain our seller has gone into a home but sadly has had a fall and is in hospital. Due to this there is now a real sense of urgency to get this done. We have suggested exchanging Thursday and completing Friday (we have to do exchange and completion as close as possible due to our sellers condition but we don't want to have to do it on the same day again due to wasting money on moving vans etc. Our mortgage funds got returned to NatWest on Friday afternoon. Has anyone had a similar experience and how quickly can we get them back to hopefully get this over the line? Thank you

NonmagicMike · 02/06/2024 10:34

My understanding is that funds are requested a few days prior to exchange and held by the solicitor. In your case, I wonder why the solicitor sent them back to the bank if you are planning to complete in the next week or so. Worst case for you is you are liable for a hundred quid or so extra of interest to hold the money for a week extra or whatever it is. If you mean you are hoping to complete this Thursday then I imagine your solicitor will request the funds back on Monday / Tuesday of this week. Maybe it was a bank stipulation that you can only hold our money for three days or something. Either way although it is stressful, it appears to be all in hand and your solicitor will have done this 10000001 times no doubt. If you have exchanged contracts then you may have recourse to recover the money you’ve wasted on removal vans should you wish.

its unfortunately quite common it seems for things to get delayed due to funds transfer. We thankfully were just a chain of three, but with long chains it’s a daisy chain down the line and seems that it falls over!

Original poster

Buyingahouse2024 · 02/06/2024 10:54

@NonmagicMike thank you for all this information. It's so unbelievable stressful. Unfortunately we haven't exchanged they wanted to exchange and complete Friday as I believe the first time buyer at the bottom doesn't quite get the urgency of giving authority to exchange early in the day as she's the start of the chain. We've swallowed the cost of removal vans etc as that was our gamble to go ahead without having actually exchanged. We've got kids and we're literally living out of boxes (most of which are taped up) we're all on mattresses on the floor as everything was set for Friday it's just been a nightmare. It's taken the excitement of the new house completely away as now we are prepared it could fall through. We've sent a long and to be frank shitty email to our solicitor as this chain has been a nightmare even one of the EA's said he's never known anything quite like it. I suppose we'll have to wait for tomorrow to see what our solicitor says. The only good thing is that we've also been told a lot of wrong information from our solicitor so the head of the conveyancing has taken on our case

OP posts:

NonmagicMike · 02/06/2024 12:52

Buyingahouse2024 · 02/06/2024 10:54

@NonmagicMike thank you for all this information. It's so unbelievable stressful. Unfortunately we haven't exchanged they wanted to exchange and complete Friday as I believe the first time buyer at the bottom doesn't quite get the urgency of giving authority to exchange early in the day as she's the start of the chain. We've swallowed the cost of removal vans etc as that was our gamble to go ahead without having actually exchanged. We've got kids and we're literally living out of boxes (most of which are taped up) we're all on mattresses on the floor as everything was set for Friday it's just been a nightmare. It's taken the excitement of the new house completely away as now we are prepared it could fall through. We've sent a long and to be frank shitty email to our solicitor as this chain has been a nightmare even one of the EA's said he's never known anything quite like it. I suppose we'll have to wait for tomorrow to see what our solicitor says. The only good thing is that we've also been told a lot of wrong information from our solicitor so the head of the conveyancing has taken on our case

So hopefully your solicitor gives the FTB’s solicitor a nudge to get onto them 8am and make sure they understand to be by their phones. To be fair to them we were like this as we were FTBs and didn’t quite get the process. The day before exchange we had spoken to our conveyancer and they had asked if we want to go ahead and we had both said yes as we were together on speaker phone. I got a call 9am the next day to record over the phone my authority to proceed and I wasn’t expecting that. We both work clinically in the nhs and it just so happened I was on a break. Other half had phone locked away as she had to do, so we couldn’t get hold of her. She picked up messages at lunch and thankfully as a small chain everything got sorted in time. Could well be your FTBs hadn’t been briefed by their side as to what to expect and so weren’t by the phones etc. First thing I’d do tomorrow therefore would be to ensure they get the message that they need to be on their phones Thursday (or whatever day) morning.

Easy for me to say but all you can do is wait for tomorrow and start again. Given the money that everyone has now invested in the searches, legal things etc alongside packing up houses, I would say the balance of odds is very much on your side that all will complete just fine. Given your buyers gave consent to complete, albeit late, it shows they aren’t thinking of pulling out. If your seller needs the cash for care homes or whatever then I doubt they are going to have a change of mind. Long as they’re not asleep on a hospital ward or don’t have a funny turn then I can’t see them not picking up the phone. I don’t ever want to go through the house buying process again - our seller lost her purchase as we did ours back end of 2019 and into 20 when the C19 pandemic was getting started. She found somewhere else and I’m sat in my lovely garden with a cold beer now, but it took just under 9 months start to finish with various bumps along the way such as the closing of the country! You’ll get there…

Original poster

Buyingahouse2024 · 02/06/2024 14:10

NonmagicMike · 02/06/2024 12:52

So hopefully your solicitor gives the FTB’s solicitor a nudge to get onto them 8am and make sure they understand to be by their phones. To be fair to them we were like this as we were FTBs and didn’t quite get the process. The day before exchange we had spoken to our conveyancer and they had asked if we want to go ahead and we had both said yes as we were together on speaker phone. I got a call 9am the next day to record over the phone my authority to proceed and I wasn’t expecting that. We both work clinically in the nhs and it just so happened I was on a break. Other half had phone locked away as she had to do, so we couldn’t get hold of her. She picked up messages at lunch and thankfully as a small chain everything got sorted in time. Could well be your FTBs hadn’t been briefed by their side as to what to expect and so weren’t by the phones etc. First thing I’d do tomorrow therefore would be to ensure they get the message that they need to be on their phones Thursday (or whatever day) morning.

Easy for me to say but all you can do is wait for tomorrow and start again. Given the money that everyone has now invested in the searches, legal things etc alongside packing up houses, I would say the balance of odds is very much on your side that all will complete just fine. Given your buyers gave consent to complete, albeit late, it shows they aren’t thinking of pulling out. If your seller needs the cash for care homes or whatever then I doubt they are going to have a change of mind. Long as they’re not asleep on a hospital ward or don’t have a funny turn then I can’t see them not picking up the phone. I don’t ever want to go through the house buying process again - our seller lost her purchase as we did ours back end of 2019 and into 20 when the C19 pandemic was getting started. She found somewhere else and I’m sat in my lovely garden with a cold beer now, but it took just under 9 months start to finish with various bumps along the way such as the closing of the country! You’ll get there…

Edited

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Thank you so much!!! Fingers crossed! Oh yeah our seller has POA set up but it's more of a worry with falls can prove fatal with the elderly 😫 just have to keep praying!

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NonmagicMike · 02/06/2024 14:50

Buyingahouse2024 · 02/06/2024 14:10

Thank you so much!!! Fingers crossed! Oh yeah our seller has POA set up but it's more of a worry with falls can prove fatal with the elderly 😫 just have to keep praying!

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Falls can prove fatal with anyone, but yes, as you age it’s more likely to be an issue. Absolutely sweet FA you can do to stop them falling in the next few days / whatever. Easier said than done but try to forget it all. Impossible I know, I’ve been there but you’re stressing about things that haven’t happened! It’ll get sorted tomorrow. For now it’s a great day for a bbq!

Original poster

Buyingahouse2024 · 02/06/2024 15:07

@NonmagicMike that was literally the plan for the new house today but that didn't quite happen 😂 it's true what you've said worrying about things that haven't happened! I think I'll be pouring myself a glass of wine and seeing what tomorrow brings

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