Tuesday, 30 June 2020

Nationwide Update – Release of Funds

Possibly due to the increasing trend of exchanging and completing simultaneously, Nationwide  Building Society have issue the following update to lawyers concerning fund requests:

Help us to continue to help you & our members…

Due to unprecedented volumes, we are implementing an earlier cut-off for same-day funds requests. 

From 25/06/20 up to and including 01/07/2020, we will be unable to accept same-day requests for funds after 10 am on Lender Exchange.

As a reminder, our normal practice is to release mortgage advance monies electronically via BACS transfer to your chosen bank account rather than by CHAPS. For this we require at least five working days’ notice of the completion date.

If funds are required in less than five days, please see the offer special condition (Charge for transferring the loan to the conveyancer).

Any requests for funds with less than 48 hours’ notice will continue to be assessed but are not guaranteed.

Please continue to help us by providing as much notice as possible.

No comments:

Post a comment