When should your conveyancing solicitor request mortgage money?

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  • Katie Bickerstaff
  • 07 Jun 2023
  • 2 min read
couple applying for mortgage. Sitting smiling happy meeting with real state agent signing mortgage loan

When you buy a property with a mortgage, your conveyancing solicitor will be responsible for requesting the mortgage monies.

When do solicitors request mortgage funds?

About 10 years ago, it was commonplace to request mortgage money for the day of completion, but to ask that it be sent the day before if possible. Nowadays, the universal practice is to ask for mortgage monies to be sent on the day before completion. Some mortgage lenders will now automatically send it the day before.

Why are mortgage monies requested the day before?

Mortgage monies are requested the day before because mortgage lenders cannot guarantee the exact time monies will be received on the day the money is sent. So rather than face uncertainty, with removal vans sitting outside houses, the mortgage money is requested for the day before, meaning there is no waiting and no panic on the day of completion.

However, there are still some conveyancers who fail to secure mortgage money the day before, and usually for the three reasons detailed below. The stress on the completion day is immeasurable, for everyone all along the chain.

  1. They request the money without giving enough notice to the mortgage lender – and yet plough on to exchange contracts without first checking if the short notice will be acceptable to the lender.
  2. They fax/post their request to the mortgage lender, but then do not check it has been received until it is too short notice to send it again if it was not received.
  3. They ask for funds on the day of completion.

If any of these events occur, it is hard to have sympathy for the conveyancer, but the natural instinct – well for some conveyancers in the chain – is to still get people in houses. If the mortgage money will be delayed, are the conveyancers sharp enough to come up with some solutions?

Get in touch today

To speak to one of the team or for a no obligation conveyancing quote, get in touch with the team today on 0800 2800 421 or contact us here.

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