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How long to drawdown

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  • 24-02-2015 9:29pm
    #1
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭


    Hi everyone

    Does anyone know how long mortgage cheque takes when requested by solicitor ?

    Bank is aib and solicitor is also aib - can they just do an electronic transfer ?

    Thanks in advance


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    #2
    bee06
    Registered Users Posts: 4,514 ✭✭✭bee06


    For my mortgage with aib and solicitor with aib they did and electronic transfer. I think it took about a week from when the form was submitted but it was for a build so drawing down in stages. Timing might be different for a purchase.


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    #3
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭ABajaninCork


    Didn't think cheques were issued these days. Normally, it's by EFT.


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    #4
    Woshy
    Registered Users Posts: 1,429 ✭✭✭Woshy


    I'm with EBS and they did a cheque instead of an electronic transfer (this was about 4/5 months ago). It was a pain in the bum!


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    #5
    Quazzie
    Registered Users Posts: 28,955 ✭✭✭✭Quazzie


    I used to get cheques but they were issued to the solicitor who lodged them for us.


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    #6
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    Yeah ours is a purchase plus build . Unfinished hoise so first sum is for purchase

    Did your solicitors then use eft to send money to selling solicitor ? Did that take long ?


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    #7
    Quazzie
    Registered Users Posts: 28,955 ✭✭✭✭Quazzie


    mickman wrote: »
    Yeah ours is a purchase plus build . Unfinished hoise so first sum is for purchase

    Did your solicitors then use eft to send money to selling solicitor ? Did that take long ?

    Use to take roughly a week from architect's signing the form to money in the bank.


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    #8
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    Quazzie wrote: »
    Use to take roughly a week from architect's signing the form to money in the bank.

    ok thanks

    not so bad. keys next week so :-)


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    #9
    on_my_oe
    Registered Users Posts: 991 ✭✭✭on_my_oe


    It can be even quicker; cheque issued on the Tuesday, received and signed on the back on the Wednesday, got call to collect the keys lunchtime Friday


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    #10
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    on_my_oe wrote: »
    It can be even quicker; cheque issued on the Tuesday, received and signed on the back on the Wednesday, got call to collect the keys lunchtime Friday

    sweet :-)


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    #11
    CruelCoin
    Registered Users Posts: 4,468 ✭✭✭CruelCoin


    mickman wrote: »
    Hi everyone

    Does anyone know how long mortgage cheque takes when requested by solicitor ?

    Bank is aib and solicitor is also aib - can they just do an electronic transfer ?

    Thanks in advance

    In my case it was a cheque issued to my solicitor. Took 4 days, PTSB


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    #12
    Striker10
    Registered Users Posts: 24 ✭Striker10


    How long will take release Mortgage funds from AIB after solicitor sent them. My solicitor sent a fax to AIB on Tuesday to release funds on Thursday. AIB received Mortgage protection policy last Tuesday, but AIB are saying that still mortgage protection pending, saying that will take couple of days. How long will take, have anyone experienced this situation? Please advise


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    #13
    okeydokeys22
    Registered Users Posts: 57 ✭✭okeydokeys22


    Does anyone know when I would start repaying the mortgage after drawdown?

    Would it be that month or the following month?

    Also we are still organising the application, what else has to be done before drawdown? How long am I looking at between official application and drawdown?

    Thanks


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    #14
    okeydokeys22
    Registered Users Posts: 57 ✭✭okeydokeys22


    okeydokeys22 wrote: »
    Does anyone know when I would start repaying the mortgage after drawdown?

    Would it be that month or the following month?

    Also we are still organising the application, what else has to be done before drawdown? How long am I looking at between official application and drawdown?

    Thanks

    Anyone? When the funds are released to the solicitor is that when I start repaying or is it after the closing date?


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    #15
    Cuddlesworth
    Registered Users Posts: 13,995 ✭✭✭✭Cuddlesworth


    okeydokeys22 wrote: »
    Anyone? When the funds are released to the solicitor is that when I start repaying or is it after the closing date?

    Repayments start when the funds are drawn down, not at the closing date. The bank gave you the money, you start paying for it at that point.


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    #16
    confusticated
    Registered Users Posts: 1,681 ✭✭✭confusticated


    First repayment is the first of the month after drawdown for us. Drew down in early November, closed sale a few days later, first payment is 1st of December.


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    #17
    super_furry
    Registered Users Posts: 27,322 ✭✭✭✭super_furry


    confusticated wrote: »
    First repayment is the first of the month after drawdown for us. Drew down in early November, closed sale a few days later, first payment is 1st of December.

    Exact same here. A pisser because we have to pay another month's rent while we have some work done, but it could be worse.


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