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Speed of drawdown

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  • 08-05-2017 7:43pm
    #1
    BBMcQ
    Registered Users Posts: 1,324 ✭✭✭


    Anybody know if your mortgage bank is the same bank (BOI, AIB etc) as your vendor's solicitor's bank, is it an instant transfer of funds? We've been delayed at the last minute, but hoping the fact they are the same bank gets us in quicker than expected.


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    #2
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Usually the solicitor holds the funds no?

    I thought this was a major perk of being a conveyancing firm. Millions of euros sitting there making tiny amounts of interest that ads up!


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    #3
    BBMcQ
    Registered Users Posts: 1,324 ✭✭✭BBMcQ


    Samuel T. Cogley wrote: »
    Usually the solicitor holds the funds no?

    I thought this was a major perk of being a conveyancing firm. Millions of euros sitting there making tiny amounts of interest that ads up!

    Ah ok, so the bank pay our solicitor who then pay the seller solicitor? I thought the bank just pay the selling solicitor.


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    #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    BBMcQ wrote: »
    Ah ok, so the bank pay our solicitor who then pay the seller solicitor? I thought the bank just pay the selling solicitor.

    Bank pays your solicitor who then pays vendor's solicitor.


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    #5
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    BBMcQ wrote: »
    Ah ok, so the bank pay our solicitor who then pay the seller solicitor? I thought the bank just pay the selling solicitor.

    TBH when it bought in Scotland that's exactly the way it was done. Here AFAIK (and what happened when we bought recently) was our solicitor had the funds.


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    #6
    bbari
    Registered Users Posts: 996 ✭✭✭bbari


    My solicitors bank account was with AIB and I borrowed money from the AIB too. The funds transfer from AIB to my solicitors was instant, my solicitors transferred funds to the builders solicitors same day and I got the keys on that day too.


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    #7
    Danbo!
    Closed Accounts Posts: 3,942 ✭✭✭Danbo!


    Once our solicitor got confirmation they transferred the money from their client account and it was all instant.

    The impression I got was that it didn't matter who was with what bank and by communicating in writing it was all covered by a paper trail. I remember asking about time to transfer and the solicitor making a comment along the lines of "I trust the bank won't fold in the next three days" which gave the impression they were just going to use their own cash to cover it and wait for the banks money to come through and replace it.


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    #8
    ForEffsSake
    Registered Users Posts: 63 ✭✭ForEffsSake


    Unless it's changed in the last year, PermanentTSB don't do electronic mortgage transfers - they issue a cheque which takes 5 working days to clear. We didn't realise this during our house buy (April 2016) and so our closing date was delayed by a week.
    The transfer between the buyer and seller's solicitor is usually on the same day.


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