when does solicitor request mortgage funds?

1. Selling Your House with Mortgage Arrears: Yes, you can sell your house even if you have mortgage arrears. However, the sale proceeds must first cover the mortgage balance and any arrears before you can access the remaining funds.
2. Solicitor Requesting Mortgage Funds: A solicitor typically requests mortgage funds from the lender a few days before the completion date of the property purchase, often around 5-7 working days in advance, to ensure the funds are available for the transaction.

The Mortgage Funds Request Process:

• Exchange of Contracts: Once the buyer and seller have exchanged contracts, the purchase becomes legally binding. At this point, the completion date is set, which is when the transaction is finalized, and ownership transfers from the seller to the buyer.
• Request Timing: The solicitor will typically request the mortgage funds from the lender shortly after the exchange of contracts. The exact timing can vary, but it is generally done to ensure the funds are available by the agreed completion date. It’s common for solicitors to request the funds to be released around 5-7 working days before the completion date to account for any processing delays.
• Notice to Lender: Lenders usually require a notice period to release the funds; this can range from a few days to a week. The solicitor must factor in this period when requesting the funds to ensure they arrive in time for completion.

Factors Influencing the Timing:

• Lender’s Requirements: Each lender has specific requirements and timeframes for releasing funds. Solicitors must adhere to these guidelines to ensure a smooth process.
• Completion Date: The agreed completion date significantly influences when the solicitor will request the funds. The aim is to have the funds ready for the legal completion of the sale.

Importance of Coordination:

• Solicitor and Lender Communication: Effective communication between the solicitor and the lender is essential to avoid any delays. The solicitor must provide all required documentation and satisfy the lender’s conditions promptly.
• Client Involvement: As the buyer, staying informed and responsive to your solicitor’s requests can help expedite the process. Ensure all your financial arrangements are in order to prevent any last-minute hitches.

Conclusion: