Drawing down a mortgage

C

cork1980

Guest
Hi all,

just wondering does anyone know if it is possible for a solicitor to draw down your mortgage before you sign contracts or signing and holding on to same until mortgage is drawn down.

how long does it take one the drawn down is request for the money to be transferred to a solicitor?
 
The solicitor will tell the bank when the contract has been signed.. this is drawing down on the loan. The bank will send the cheque straight away. There isn't a major hurry at this point because the contract is signed and the deal is as good as done.

Signing the contract is the big deal in the equation. mortgage approval only lasts a certain amount of time, therefore the bank will not issue the loan cheque before the deal has been done.
 
I signed contracts last week , the solicitor then does a cheque requisition, assuming you have met all final loan conditions it can literally take a few days ...
 
The purchasers solicitor says that they have a letter from the bank saying that the loan cheque has been issued, but we (the vendors) haven't signed the contracts yet. [Edited to add:] We have instructed our solicitor to get a faxed copy of the cheque, as we can not make arrangements to complete until they have the finance as they have insisted on a clause in the contracts - much discussed before - permitting them to get their deposit back should the finance not be forthcoming even though loan approval was in place.
 
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