22/05/2023 0 Comments
Mortgages Solicitor: Your Questions Answered
Whether you have just purchased your first home or are closing on the latest building in your extensive property portfolio, you will need an expert conveyancing solicitor.
Conveyancing solicitors, sometimes called mortgage solicitors, act as the intermediary between you and the mortgage company in many ways. However, a conveyancing solicitor works with you and can help advise you on the process. To make this expert advice more accessible, we have compiled some of the more common questions we get asked below.
When are mortgage funds released to the solicitor?
The release of mortgage funds to a solicitor can vary depending on the specific circumstances and the mortgage agreement terms. However, the funds are usually released on completion of a typical mortgage transaction.
The agreed-upon completion date is when the property sale is finalised, and ownership is transferred from the seller to the buyer. On this date, the buyer's solicitor will receive the mortgage funds from the lender. The solicitor will then use these funds to pay off the seller's solicitor, cover additional costs such as stamp duty or legal fees, and ensure the buyer receives the title deed and property ownership.
It's important to note that the exact timing of the mortgage funds release may vary depending on the arrangements between the lender, the solicitors involved, and any specific requirements outlined in the mortgage agreement. It is advisable to consult with your solicitor and lender for accurate information regarding your particular mortgage transaction.
When does the solicitor request mortgage funds?
The solicitor typically requests mortgage funds shortly before the completion date of a property purchase. The exact timing may vary depending on the specific arrangements made between the solicitor, the buyer, and the lender.
Once the buyer's solicitor has received all necessary documentation and has completed the necessary legal checks and searches, they will typically send a completion statement to the lender. This statement outlines all the financial details of the transaction, including the amount required from the mortgage funds to complete the purchase.
The solicitor will then request the mortgage funds from the lender, providing the necessary details and supporting documentation, such as the completion statement, the signed mortgage deed, and any other required paperwork.
The timeline for requesting mortgage funds may also depend on the lender's specific requirements or procedures. Some lenders may have detailed instructions or forms that need to be completed, which could impact the timing of the request.
To ensure a smooth process and timely release of funds, the buyer must work closely with their solicitor and lender and promptly provide any requested information or documentation.
How long can a solicitor hold mortgage funds?
The time a solicitor can hold mortgage funds can vary depending on the specific circumstances and the mortgage agreement terms. However, solicitors typically aim to release the mortgage funds after receiving them from the lender as soon as possible.
Once the solicitor has received the mortgage funds, they have a responsibility to ensure that the funds are used appropriately and by the terms of the mortgage agreement. This includes paying off any outstanding amounts, such as the seller's solicitor, fees or charges, and ensuring the buyer receives the title deed and property ownership.
The solicitor should strive to complete these tasks to avoid unnecessary delays promptly. However, factors beyond the solicitor's control could impact the timing, such as unexpected legal issues or outstanding documentation.
If you would like more advice on conveyancing, please contact our Clondalkin solicitor's offices today.