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How long after loan offer pack signed for funds?

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  • 15-10-2018 2:40pm
    #1
    shelly24
    Registered Users Posts: 77 ✭✭


    My bank keeps saying that after we sign the loan offer pack with our solicitor and send it back that they will issue the funds 2/3 days later.
    My solicitor says it’ll take around 2-3 weeks? We are working to a very tight deadline and if it doesn’t work out we will be without a home for a week or so and will have to get storage and so on, we would really like to go from the sale of our hosue to the purchase of our new one on the same day.
    We are leaving our hosue Friday week, the loan offer for new mortgage should be with my solicitor this day next week so we can sign them that day and Ulster bank will have them Tuesday?
    Am I dreaming?


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    #2
    utmbuilder
    Registered Users Posts: 471 ✭✭utmbuilder


    is life cover mortgage protection in place?

    3 days seems very quick for drawdown


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    #3
    listermint
    Registered Users Posts: 33,932 ✭✭✭✭listermint


    The solicitor is right.

    I've yet to see anyone turn around in 3 days. Where you've got that impression is anyone's guess.

    Your bank will go through the paperwork with a fine tooth comb and they are also under no time constraints , in fact I've found the mortgage release departments to be clinically inept with anything other than a flat pack new build estate mortgage.

    Your solicitors estimation is accurate


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    #4
    shelly24
    Registered Users Posts: 77 ✭✭shelly24


    listermint wrote: »
    The solicitor is right.

    I've yet to see anyone turn around in 3 days. Where you've got that impression is anyone's guess.

    Your bank will go through the paperwork with a fine tooth comb and they are also under no time constraints , in fact I've found the mortgage release departments to be clinically inept with anything other than a flat pack new build estate mortgage.

    Your solicitors estimation is accurate
    The bank manager who is giving us the mortgage is the one who keeps saying the money will be released 3 days after the loan offer is signed and sent back to them.
    It prob won’t work out so. One can dream!


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    #5
    Frank Castle
    Banned (with Prison Access) Posts: 134 ✭✭Frank Castle


    shelly24 wrote: »
    The bank manager who is giving us the mortgage is the one who keeps saying the money will be released 3 days after the loan offer is signed and sent back to them.
    It prob won’t work out so. One can dream!

    I am guess he is stating that the funds will be available for draw down 3 days after they receive your signed loan offer.

    Realistically there is a lot you need to do to make sure all conditions are met before you actually draw down the money. So it will most likely be a few weeks or even months as the draw down will only happen once you are ready to close on the sale


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    #6
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    It took us almost 2 weeks, but a large part of that was waiting for their solicitor to send final documents /details to our bank.

    We got final documents confirmed on a Monday evening and got keys on the Thursday evening!
    (funds from bank to my solicitor and then to their solicitor).


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