Hi Team, To be honest, i have had really positive experiences with the WPC & STG bank group recently with speeding and helpful replies. I agree it would be useful to receive a payout figure before settlement date however understand that this may not be possible as banks need to calculate payout figures on the day of settlement. To work with this, we advise clients of the approximate sale proceeds and advise that their loan payout (once advised) will be taken out of this amount. We also ask them to confirm the amount they expect their loan payout to be, to ensure we do not need to tap into deposit funds etc to settle. Once the payout has been uploaded on the morning of settlement, we email the vendor to confirm the payout amount and proceeds (if any) they will be receiving. It obviously involves extra steps, but sometimes you just have to work with the bank and their processes. What is handy, is receiving at least an indicative payout figure so we can ensure that sale proceeds available on completion are sufficient to payout the mortgage.
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