Original Deeds lost/mislaid, what happens now ?

No, I mean draw down the loan cheque before signing any contract- your solicitor can hold it for a few days while you then sign contracts and vendor too-unconditionally. The worst that can happen is that the vendors don't sign, you end up returning the loan cheque to the bank and you lose out on a few days interest. This would mean a tight closing- ie I would envisage closing within a few days of drawing down the loan cheque. But this way the vendor gets unconditional contracts. This would all have to be agreed in advance and arrangements put in place.
 
Ok - i see now.

By the looks of things, this is whats about to happen.
Our lender is issuing the cheque either on tomorrow or Monday.
Our solicitor can then acknowlege to the vendors that the funds are in place, so no chance of anyone getting screwed over as it where ;o)

Let hope that goes to plan...

Auctioneer accused us yesterday of trying to put a family with kids out on the street - talk about crazy and unhelpful, we are trying to do nothing of the sort.

Thanks again.. its great to get other opinions.
 
Wouldnt it be a huge risk to draw down our mortgage, and then the vendors dont sign ?
The clock ticks in regards to our repayments, yet we havent been furnished with a even a hint of a completion date so far.

Plus we have chosed a fixed rate for 3 years - wouldnt our lender look for that interest, even if we return the loan cheque.

It sounds quite dodgy to me.

If the they cant sign contracts tomorow, i think we will walk away.
 
Fizzgig, Vanilla has given you great advice and she is an expert you'd do well to listen to what she has suggested. Don't panic, selling and buying is a very stressful event for everybody.
 
Fizzgig, draw rhe money down on the Variable rate and as soopn as transaction completed, if ever, fix it to the 3 year rate. Eliminates interest and rate risk.
 
You can have your solicitor check the terms of the loan cheque issue- most will not charge interest until three days after issue or until negotiated. If your solicitor doesn't negotiate the cheque ( ie lodge it) until you have signed contracts then you eliminate the risk.

Have a word with your own branch manager about it too- they may be able to offer practical help and advice in relation to the loan cheque and your fears as regards the fixed rate.
 
Yes - Great advice here !

Was feeling laden down with all of it yesterday - stress getting to both of us ;o)

Have explained all to our own solictor now, we hope to try and complete this sale for all concerned.
Between trying to garner mortgage at all, then the deeds issue and then this. Its been a protracted process to say the least. I wasnt too sure it was supposed to be this hard ;o)

Will update with result.

Thanks again.
 
Just to update :

We drew down our mortage cheque yesterday morning.
At that point we still hadnt heard from the vendors.

Today, we contacted them directly - explained we had cheque with our solicitor.
They are now ( thankfully ) signing contracts today, with a completion date set for the 21st of Dec - maybe even before if they can move everthing out !!

Starting to unclinch now ;o)

Thanks for all the advice, I would have been very worried initially about drawing down the cheque without contract in place.
I presume they had to be sure we would get our finance in place too.

Anyway - an end is in sight..
Thanks to all, who took the time out to reply to me
 
Fizzgig, Good news. And I wish you every piece of Good Luck in your new home.
 
I wish you every happiness in your new home, good news. A new home for Christmas- that is special. :)
 
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