Exchange on Tuesday, completion on Friday
Contracts exchange on Tuesday for completion on Friday, because that is what the chain wanted. The buyer's lender requires the certificate of title a number of working days before completion. The case handler submits it on Wednesday afternoon. The funds do not arrive until Friday afternoon, the whole chain waits, and the buyer's removal lorry is parked outside the new house.
The case handler knew there was a notice period. They did not check how many days this lender needs.
Why funds requests go in late
Lenders set their own notice periods for funds requests, and they differ. The period is in the lender's instructions, which case handlers deal with across many lenders. After exchange, there is a lot to do, and the funds request can slip behind other tasks.
Short exchange-to-completion gaps make it worse. If the completion date is set without checking the lender's notice period, there may not be enough time, and nobody notices until after exchange.
| Cause | Effect |
|---|---|
| Notice periods differ by lender | Case handler relies on memory |
| Completion date set without checking | Not enough time after exchange |
| Funds request prepared after exchange | Submitted close to the deadline |
| Conditions not all marked done | Request held up |
What late funds cost
Late funds delay completion, which in a chain delays everyone. Clients, agents and other firms are unhappy, and the firm may face claims for costs caused by the delay. Case handlers spend completion day on the phone to lenders.
It is one of the most visible failures a conveyancing firm can have, because everyone in the chain sees it.
How we build funds request tracking
- Lender notice periods: your team records each lender's notice period and submission method, which the tool keeps as a table.
- Check before agreeing dates: when a completion date is proposed, the tool shows the latest date the funds request can go in, so the case handler can check it is achievable before agreeing.
- Prepared in advance: the funds request data (loan amount, completion date, borrower and property details) is prepared before exchange, ready to submit.
- Conditions check: the tool checks that the offer's special conditions are marked as dealt with, so the request is not held up.
- Deadline alert: after exchange, the case handler is alerted as the deadline approaches, with files at risk shown to the team leader.
- Funds received: the expected funds are shown on the completion day board, so accounts know what to look for.
The case handler still certifies title and submits the request. The tool keeps the deadline in view.
What completion week looks like afterwards
Completion dates are agreed knowing the lender's notice period. Funds requests are ready before exchange. Deadlines are watched, and files at risk are visible. Mortgage funds arrive in time more often, and completion day is quieter.
The chain sees your firm as the one that is ready.
Team leaders also get something they rarely have: a list, each morning, of every file where the funds request deadline falls in the next few working days and the request has not gone in. That list replaces the habit of asking round the office on a Wednesday whether anyone has a completion on Friday that still needs money from a lender.
Recognise this?
- Funds requests are prepared after exchange.
- Case handlers rely on memory for lender notice periods.
- Completion has been delayed waiting for mortgage funds.
- Completion dates are agreed without checking the lender's notice period.
- Special conditions are sometimes found outstanding at the funds request.