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Mortgage Cheque Being Drawn Down Before Closing

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  • 28-03-2007 6:24pm
    #1
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,208 Mod ✭✭✭✭


    Got a letter in the post today saying my mortgage repayments had started and I had been charged interest for 9 days of March?

    I haven’t closed and I haven’t asked for the funds to be transferred to the builder.

    I was under the assumption that funds would only be drawn down once I closed.

    I tried ringing my solicitor as he apparently authorised the issuing of the funds (with out telling me) but of course I can’t get hold of him

    I'm down a few hundred quid for nothing.

    Just wondering is this the norm or how is it general done as I aint happy


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    #2
    davidoco
    Registered Users Posts: 656 ✭✭✭davidoco


    kearnsr wrote:
    I tried ringing my solicitor as he apparently authorised the issuing of the funds (with out telling me) but of course I can’t get hold of him

    You were very likely to have signed a slip of paper authorising him to accept/request the funds.

    Situation was clarified here before. Solr either requests the cheque from the bank at the last minute or get it a few days or a week early just to ensure that it is in place for closing.


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    #3
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,208 Mod ✭✭✭✭godtabh


    davidoco wrote:
    You were very likely to have signed a slip of paper authorising him to accept/request the funds.

    Situation was clarified here before. Solr either requests the cheque from the bank at the last minute or get it a few days or a week early just to ensure that it is in place for closing.


    I havent signed anything in over a year when I first singed contracts.

    The money was in the form of an electronic transfer so that wouldnt take much time to do so wouldnt need to have it days/weeks in advance


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