Time between contract and draw down

uck51js9zml2yt

How long is it usually between signing contract and the buyer drawing down the money ?

raja_s

It depends on the builder, As soon as the builder issues the completion statement to your solicitor, He would then request your bank to issue the funds.

TheIronyMaiden

How long is a piece of string? Depends on the situation and solicitors being used. We just moved into our place and there was about 3 or 4 weeks between signing and drawdown.

z0oT

I actually posted a thread with a similar question recently.

New builds would have a bigger gap, particularly if you're waiting for construction to complete or you bought off the plans. It could be a number of months, because you wouldn't typically draw down the funds until the place is complete.

Our mortgage advisor has been telling me if there's a gap between signing the contracts/paying the deposit and draw down, and you can increase your savings in that gap, then issuing another letter of offer and decreasing the drawdown amount when it's time to draw down is easily done.

Existing builds, the best advice seems to be prepare for there to be no gap between.

uck51js9zml2yt

It's not s new build. Sorry should have said. It's pre existing houses.