How soon after cheque is drawn down....

D

Drawnout

Guest
Hey all,

Just a quick query if that is okay? We have recieved word that the solicitor recieved the cheque from the bank and the solicitor has everything that is needed. We have signed forms and everything on the banks side is done and any questions have been asked and answered. We will sign tomorrow for the final contracts to be exchanged but the solicitor states it will be another couple of weeks before we get the keys?

Is this the norm? We were initially meant to have this all done 2 weeks ago but the bank messed up and said we were approved for everything then delayed it by 2 weeks due to forgetting to start the direct debit for life assurance and we are in a rush to move as we are in temp accomodation and all our items in storage.

Is there anything I can do to speed it up does anyone know?
Thanks
 
Can I make a suggestion?

Tell the story from the beginning.

e.g. We agreed to buy a house. We arranged a mortgage with X Bank. Our purchase contracts were "subject to loan cheque issuing". We have signed contracts. We want to complete the deal and move in. The closing funds are with our solicitor. The Vendor is ready to close.

Otherwise, it really is very unclear what stage of the process you are at.

mf
 
Thanks for the suggestion Mf,

We picked the house, put down deposit, arranged approval with bank, sorted out life assurance, home insurance and mortage approval. Further deposit paid to developer as per their guidelines. Banks were slow and delayed over a week as they forgot the direct debit but after a chat they got the cheque sent out to the solicitor. We have to meet with our solicitor tomorrow to sign final documents (snag list already done) so she can send the cheque to the other solicitors but she states it will be up to two weeks before we can finish and recieve the keys?

Im just confused as to why its up to 2 weeks before we recieve the keys even though tomorrow we exchange contracts and send them the cheque?

Thanks
 
Unless:

The Vendor is ready to close.

There is no reason to send the closing funds until

The Vendor is ready to close.

When you say: "tomorrow we exchange contracts" it is not at all clear if these are initial contracts? But you seem to be very far advanced? Or are you genuinely just at the start of the legal process of purchasing? In which case, it is understandable that it might be two weeks before you can complete.

You really, really , really need to talk to your own solicitor and ask her to explain it all to you.

mf
 
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