I’m closing on a house soon and want to get keys and move in asap. I’m fully approved and ready to draw down mortgage once completion notice is in but my solicitor says it’ll still take up to 2 weeks or more for mortgage funds to come through once all legal documentation is sent.
Nothing underhand, I’m just trying to speed up closing without having to wait on the bank. Yes a new house and the completion notice has just issued but the bank could take up to two weeks to release the loan. Contacts all signed months ago.So this is a new house?
It's probably better to understand the steps involved to see can you reduce the delay.
Completion notice issued ( by whom?)
Developer's solicitor sends contracts to your solicitor. (Or has all this been done?)
Your solicitor checks the contracts and raises queries.
Your solicitor confirms to the bank that everything is in order.
The bank issues your solicitor the check.
Your solicitor and their solicitor close the deal - your solicitor gives them the money, they give him the keys and title deeds.
You should try to hurry up the process but I don't think you should ask your solicitor to do something underhand. If you use your funds to buy the house and the bank sees some problem with the documentation, then you could be in trouble.
Brendan
Thank you, this is pretty much what I need to know. I’ve been waiting on the house to be ready for a year which is why I’m so impatient. The wait continues!Why would you even consider this? Two weeks is standard for release of funds from when your solicitor requests it. Banks have to do due diligence on every piece of documentation. The mortgage pack that your solicitor sends in to request funds contains multiple docs.
Also as said above, you are basically suggesting buying a house without a mortgage which your solicitor will have to declare to the bank because the mortgage funds will be going to you instead of vendor. I doubt your solicitor will facilitate it and to be honest, don't even think about it.
Two weeks isn't long time and might be quicker. Developers and vendors solicitors are well used to timelines.
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