Completion on a leasehold

[jenzo]

Will the upcoming bank holidays be counted as working days with regards to setting up the funds to complete/draw - via the bank?

[Jobbo]

Not sure what link it has specifically to leasehold property, but it's very unlikely the bank holidays will count as working days. They certainly aren't banking days.

[Sarnie]

jenzo said:

Will the upcoming bank holidays be counted as working days with regards to setting up the funds to complete/draw - via the bank?

No.

There won't be anyone at the bank, given that it's a "bank holiday"

[jenzo]

How many working days does it take to set up/put in place the drawdown of funds?

[Sarnie]

jenzo said:

How many working days does it take to set up/put in place the drawdown of funds?

Banks will always quote five working days but it can always be done same day if required......although expect everybody to be stretched until next Friday!!

[jenzo]

Thanks Sarnie.

How can I confirm the timeframe - via my solicitor or lender directly?

[Jobbo]

The solicitor won't have any real control over it - ask them first but you'll really need to check with the lender.

[Sarnie]

jenzo said:

Thanks Sarnie.

How can I confirm the timeframe - via my solicitor or lender directly?

Start with the lender, ask them what they can do and what they would need to get it done, then report that to your Solicitor, otherwise your Solicitor will just reply with "Your lender requires 5 working days for your funds to be requested and released" on his Blackberry from the 9th tee of the local golf club.................

[jenzo]

Just called the lender. They need the certificate of title *which solicitor has not yet sent and then there is a chance it can all be done and complete, before 31 March.

[Jobbo]

You'll need to speak to the solicitor to find out what is holding up the certificate of title.

[Sarnie]

Jobbo said:

You'll need to speak to the solicitor to find out what is holding up the certificate of title.

His golf lessons probably!

[jenzo]

Fingers crossed for a 24hr drawdown come next week!

[Sarnie]

It could have fallen on a worse week with bank holidays either side of this weekend end and then only 3 days of March next week......I'm going to slump at my desk at around 5pm next Thursday!!

Good luck!!

[jenzo]

Sarnie - do you know if Birmingham Midshires are issuing a 24 drawdown / same day, once certificate of title is in place?

[Sarnie]

jenzo said:

Sarnie - do you know if Birmingham Midshires are issuing a 24 drawdown / same day, once certificate of title is in place?

They all will be able to do it, if requested, especially this week. Lenders want the money gone ASAP, so they can start incurring interest on it...........

[jenzo]

Ok, good to know. What is the quickest they can do it - same day or 24 hrs you think?

[Sarnie]

jenzo said:

Ok, good to know. What is the quickest they can do it - same day or 24 hrs you think?

Same day should be possible....might cost you a CHAPS/TT fee...........

[jenzo]

That's fine if it does! Fingers crossed. Thanks Sarnie.