POOR CHAPS


John Godwin suggests that conveyancers should always obtain mortgage funds the working day before completion (see 2006 Gazette, 21 September, 18).



It is not always possible to do this. In all cases where I expect funds to be transmitted by CHAPS, I state that funds are required the working day before completion. In some cases, mortgagees have refused to transfer the funds on the date requested and have stated that their policy is to transfer funds only on the day of completion. In other cases, funds expected to be transferred by BACS have been transferred by 'manual telegraphic transfer' on the day of completion, and verbal assurances given by the mortgagees have proved to be inaccurate. We rely on the mortgagees to behave in a reasonable manner and to provide accurate information.



Jeremy Conway, Winston, Leeds