COT and release of funds
Important notice to solicitors and conveyancers.
Release of advance funds electronically
The Society's normal practice is to release advance monies via BACS transfer to your bank account rather than by cheque or CHAPS. Please ensure your bank details are always fully completed on the Certificate of Title (COT).
Submission of COT in good time for completion
The Society requires at least five working days' notice of the completion/settlement date to enable payment via BACS.
Where a CHAPS transfer is specifically requested, 48 hours notice is required to guarantee payment on time and a fee of £20 is payable.
Where a mortgage offer includes a special condition relating to CHAPS transfers the fee will be deducted from the loan. If this happens, please make sure that we are reimbursed for this £20 fee when the advance is returned.
If there is no special condition on the offer then the fee payable must be sent by cheque. Where a faxed COT has been sent do not send the original.
If completion is delayed, but will occur within three working days of issue, we expect you to hold the monies in an interest-bearing account and pass on the accrued interest to the borrower(s).
If completion is delayed beyond three working days of issue, please send the funds back electronically via the same route as they were sent to you. Advance monies must be returned after three days regardless of the offer expiry situation.
Completion must take place on or before the date the offer expires. If it is apparent that completion is likely to be outside the validity period of the mortgage offer please contact the issuing office for further guidance.
We will endeavour to meet the new completion requirements providing completion takes place within 15 days of the original offer expiry date.
To return by CHAPS please use the following details:
Sort code – 07 00 94
Account – 44 444 445
To return by BACS please use the following details:
Sort code – 07 01 16
Account – 00 002 147
When returning an advance, you must ensure that you notify the Service Centre processing the mortgage application that the funds have been returned.
You will need to advise them of the applicants' name and account number.
If completion is delayed for more than three working days, you must also enclose a cheque payable to Nationwide Building Society for interest accrued.