When Does a Solicitor Request Mortgage Funds

Securing a mortgage is one of the biggest steps in the process of buying a home. Once a buyer has received a formal mortgage offer, the solicitor becomes responsible for ensuring that the funds are requested and available in time for completion. Understanding when and how solicitors request mortgage funds is important because it reassures buyers that the money will be ready on the day it is needed.

The Role of Solicitors in Mortgage Funds

After a mortgage offer has been issued, the solicitor acts as the link between the buyer and the lender. The solicitor must check the terms of the offer, satisfy the lender’s conditions and confirm that all necessary searches and paperwork are complete. Only when the solicitor is confident that everything is in order will they request the release of funds from the mortgage lender. This ensures that money is not released prematurely and that the lender’s requirements are fully met.

Timing of the Request

In most cases, solicitors request mortgage funds to arrive in their client account the working day before completion. This timing gives enough leeway to deal with any banking delays or administrative issues, while ensuring that the funds are ready to be transferred to the seller’s solicitor on the day of completion. The solicitor will calculate exactly how much is needed, taking into account the mortgage advance, the deposit already paid and any additional sums owed for fees or taxes.

Why Funds Are Requested Before Completion

Requesting the funds in advance is a safeguard for both buyer and seller. Completion is a fixed date agreed in the contract, and failure to provide the money on time could result in penalties or even the loss of the deposit. By ensuring the funds arrive the day before, the solicitor reduces the risk of last-minute complications. This also gives time to confirm receipt with the lender and reconcile the completion statement so that the correct amount is transferred on the day.

Communication with the Buyer

Solicitors usually keep the buyer updated about when mortgage funds will be requested. They will provide a completion statement showing how much money is needed from the buyer in addition to the mortgage, including legal fees, disbursements and Stamp Duty Land Tax where applicable. The buyer is then asked to transfer their share to the solicitor in advance of completion so that all funds are in place together.

Conclusion

A solicitor typically requests mortgage funds to arrive the working day before completion of a property purchase. This timing provides security, ensures funds are cleared and ready, and avoids the risk of delays that could jeopardise the transaction. Buyers can be confident that their solicitor will coordinate the request with the lender and ensure the money is available when needed.