mortgage cheque

D

dweller

Registered User
Messages
37
Hi all, Can anyone tell me how long it takes for a mortgage payment to go from the bank to the solicitor and from there to me.My 1st mortgage cheque was issued on tuesday to the solicitor.Does anyone know whether the cheque will be in our name or in the solicitors name? It's a self -build so its not going to a builder.
 
Will be in the solicitors name as he gave the undertaking to the bank.

As for how long it'll take for you to get the money, Bank drafts take 3 - 5 days to clear so it really depends on the bank.

Hope that helps.
 
Thanks for that,I guess if it was sent out on tuesday then the solicitor should get it tomorrow and hopefully call me and i collect it. Or is it lodged straight into my account? You see the lenders rang to confirm my bank a/c details and said it'd be in my a/c in a day or two?It's confusing.I wish they would just give it to me and get it over with.
 
dweller said:
Hi all, Can anyone tell me how long it takes for a mortgage payment to go from the bank to the solicitor and from there to me.
Click to expand...
Are you a borrower waiting for the draw down of a mortgage or a house seller waiting for payment by the buyer's lender? In the former case I don't think that the money ever goes to your account at all but rather from your lender to your solicitor to the seller's solicitor. On the other hand if you are a seller then ultimately you get the money I presume. Perhaps you can clarify your situation?
 
I'm building my own house and it's the first stage payment.It's a substantial sum. it's a self build.There's no buying or selling involved.The lender said it would go straight into my bank a/c.But the solicitor said it would go to her first.I hope its got my name on it not hers or we'll be messing around for another week.
 
We are building a house as well and in our situation, the bank issues a cheque to our solicitor who then lodges it into his business account.
This cheque has to clear first (taking 4-5 working days) before our solicitor can write a cheque for the same amount and give it to our builder or to us directly.

We, or our builder, then lodge this cheque and wait another 4-5 working days before the funds can be accessed. Apparently, Law Society regulations dictate that this process must be adhered to.
 
I've just completed a contract build and had the stage payment system. In my case the builder requested the money (contacted me and faxed the engineer and the solicitor) the engineer went out to certify the stage, if all well the egineer gave the stage cert to the solicitor, the solicitor requested the money from the bank, the bank sent to the cheque to the solicitor, at all stages the cheque was made out in my name. I then collected the cheque from the solicitor and either endorsed the cheque and gave it to the builder or lodged it in my account and wrote the builder a personal cheque. The whole process took 5 working days. I would be in touch with the engineer and solicitor myself during the 5 days also (to keep the ball rolling as I had the builder on my case constantly). The first one or two are a bit stressful but after that it's not too bad - once the cash keeps coming in! good luck with it.
 
Thanks a million for the feedback.The solicitor rang earlier and she has the cheque so i just have to go down and collect it.Might take a few days to clear but at least it's mine.Thanks all.
 
Hi all.Well this is how it went.The solicitor got the cheque in her name ,then she took out of it her own fees and a loan payment(which i had told her to) .She then wrote out a cheque to me for the balance and i collected it and lodged it into the bank.She also gave me a breakdown of their own fees and the loan that was paid etc.Thanks again all.
 
Hi,

I just wanted to check if the procedure described by shoegal below still applies?

I'm dealing with BOI
 
You must log in or register to reply here.
Back
Top