Mortgage protection assignment - will this delay drawdown?

M

MelF

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Hello, I can’t get a definitive answer on this. Finally about to draw down a mortgage and have set up life cover, home insurance and signed deed of assignment with solicitor who has sent all to the lender ahead of drawdown.
Once all is in order do I now need to wait for the insurance company to come back with some paperwork to officially confirm the mortgage protection assignment to lender?
Or is signing the deed enough for lender to issue the cheque, all else being equal.
Wondering if it’s something I need to chase with the life company in order to speed things up!
Thanks
 
Monbretia said:
That should be enough, once you have complied with all the loan offer conditions.
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Yes all else is in order according to the bank and solicitor. That’s great to know thank you, saves me another round of stress trying to chase more third parties! So will I get confirmation from the life company down the line that the cover has been successfully assigned to Bank of Ireland or is that the end of it on my side?
 
I doubt you will, maybe, but hardly quickly! You're done now once you've signed the assignment, the behind the scenes paperwork could take ages after the funds are issued.
 
Monbretia said:
I doubt you will, maybe, but hardly quickly! You're done now once you've signed the assignment, the behind the scenes paperwork could take ages after the funds are issued.
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OK great thank you, that's really put my mind at ease, as I'd read elsewhere that the bank need to have the deed of assignment fully confirmed and returned by the life company before the funds would be released, and was expecting more frustration and waiting on a new bureaucratic headache that I hadn't forseen.
So to know that the bank basically just need to know that insurance is in place and the assignment forms signed is a huge relief, thanks again Monbretia!
 
Well unless that's some new rule or a particularly sticky lender but I've never come across it in my experience. Sure they don't even have the deeds as such and depend on the solicitors promise to send them on so I couldn't see what issue there would be once they have the assignment in their hands.
 
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