Mortgage draw-down gone missing!

[lainie24]

Hi, my partner requested a 15k drawdown on his mortgage through his solicitor over 2 weeks ago and it was supposed to reach his account early last week at the latest however the funds never arrived. His solicitor has advised him that the bank transferred this 15k into a complete stranger's bank account instead of into his solicitor's account shortly after he requested the drawdown. He rang the bank directly and they are claiming that his solicitor provided the wrong bank details, but the solicitor denies this. Also, he has already had a few previous draw-downs where there was no problem with the bank details provided by the solicitor so we suspect that the error is definitely on the bank's behalf.

Despite not having yet received these funds, this month's mortgage repayment which came out of my partner's account on Tuesday was for an increased amount to cover this 15k.

Just wondering if anyone else has experienced any problems with drawing down mortgage funds and also, do we have to continue paying for funds that we haven't actually received.

How soon can we switch lenders????

 

[OneLife]

Can the Lender provide evidence that the solcs gave the wrong account details?

Talk to your Lender - and ask for the interest charged on the 15k to be refunded.

 

[mo3art]

From what you're saying, you are constructing your own home and the drawdown is part of a series of stage payments.

First of all check the solicitor's drawdown documentation again to see did they provide the correct bank account. If so, then go into the bank yourselves to get it sorted, don't rely on phone calls etc otherwise you could be waiting weeks. If not, then it's down to the solicitor to pay you any penalties for not paying the builder the stage payment, and interest penalties.

To change banks you need to find out if there is a penalty for moving the bank while you are in the process of construction and if your bank will allow you to do this.....