We answer the question ‘When does the mortgage lender release the funds?’
When does the mortgage lender release the funds? The funds are released at the completion stage, when you become a homeowner. Your lender at this stage will release the mortgage money to your solicitor who will pay the seller’s solicitor. Then the seller’s solicitor will hand the title documents over to your solicitor. The seller must then give the keys of the property and leave before the agreed date. Make sure to provide any additional money that your solicitor will need to complete the transaction. Your solicitor will then tell you when the completion has take place and you can collect the keys from your estate agent. Finally you will need to take meter readings and tell your bank, dentist, doctors etc. of your different address. Be sure to inform your local council that you are now the owner and the one who will pay council tax.
We hope this answers your question ‘When does the mortgage lender release the funds?’. If you are looking to buy a property in Central London, please visit Greater London Properties, Central London’s largest independent estate agent or call us on 0207 113 1066.