Mortgage drawdown is the final step in a process that may have taken months. You have your mortgage approval, your contract is signed, and closing day is approaching. Now the lender releases the money, your solicitor completes the purchase, and you get the keys. This guide explains what happens in that critical final week, who does what, what can go wrong, and how to avoid delays.
What Mortgage Drawdown Means
Drawdown is when your lender transfers the mortgage funds to your solicitor’s client account. Your solicitor then uses those funds — along with your deposit and any other money you are contributing — to pay the vendor’s solicitor. Once the vendor’s solicitor confirms receipt, the sale closes and the keys are released.
Drawdown is not the same as mortgage approval. Approval means the lender has agreed to lend you the money. Drawdown means they actually send it. Between approval and drawdown, several conditions must be satisfied.
Pre-Drawdown Requirements
Before the lender releases funds, certain documents and proofs must be in order. Your solicitor coordinates most of this, but you are responsible for providing the following.
Buildings Insurance
You must have buildings insurance in place from the closing date. The policy must cover the full rebuild value of the property and name the lender as a noted party or mortgagee. Most lenders require a certificate of insurance before drawdown.
You can arrange this through any insurer, but many brokers recommend shopping around a few weeks before closing to get competitive quotes. The premium is typically paid annually, and the first year’s cover must be active from day one of ownership.
Mortgage Protection Insurance
Irish law requires you to have mortgage protection life insurance if you are buying a primary residence with a mortgage. This policy pays off the outstanding loan balance if you die before the mortgage is cleared.
The policy must be in place before drawdown. Your broker or lender can arrange it, or you can shop around independently. If you are buying jointly, both applicants need cover. If one of you is significantly older or has health issues, you may need separate policies or higher premiums. Start this process at least two weeks before closing.
Proof of Deposit
Your solicitor must have cleared funds in their client account for your deposit and any additional contribution beyond the mortgage amount. If you are transferring a large sum, do it well in advance. Banks sometimes query large transfers, and you do not want a delay because your funds are frozen for anti-money-laundering checks.
Signed Contract and Conditions
Your solicitor must have a signed contract for sale, and any special conditions in the contract must be satisfied. For example, if the contract required the vendor to complete repairs or provide a BER cert, those must be done before drawdown.
The Solicitor’s Role in Drawdown
Your solicitor does the heavy lifting in the final week. They are responsible for:
Title Searches
Before requesting drawdown, your solicitor conducts final searches of the Land Registry and Registry of Deeds to confirm the vendor owns the property and there are no unexpected charges, judgments, or liens registered against it. These searches are usually done within a few days of closing to ensure nothing has changed since the initial investigation of title.
If a search reveals an issue — a judgment mortgage, for example, or an unregistered right of way — your solicitor must resolve it with the vendor’s solicitor before drawdown can proceed. This is one of the most common causes of last-minute delays.
Requisitions on Title
Your solicitor raises formal queries, called requisitions on title, with the vendor’s solicitor. These cover things like confirmation of rates payments, management company fees for apartments, confirmation that planning permission was obtained for any extensions, and discharge of any existing mortgages on the property.
The vendor’s solicitor must reply to these requisitions satisfactorily before your solicitor requests drawdown. If replies are incomplete or unsatisfactory, drawdown is delayed.
Requesting Drawdown from the Lender
Once title searches are clear, insurance is in place, and requisitions are answered, your solicitor sends a formal drawdown request to the lender. This is typically a standard form letter confirming all conditions have been met and requesting transfer of funds to the solicitor’s client account.
The lender’s legal team reviews the request and, if satisfied, authorises the transfer. This usually takes 3–5 working days but can take up to 10 days if the lender is busy or if they raise last-minute queries.
Completion on Closing Day
On closing day, your solicitor transfers the purchase price to the vendor’s solicitor. Once the vendor’s solicitor confirms receipt, they authorise release of the keys and send the signed transfer deed and any other closing documents to your solicitor.
Your solicitor registers your ownership with the Land Registry, which can take several months. You own the property from closing day, but the legal registration is a separate administrative step that happens afterward.
What Happens in the Final Week
Here is a typical timeline for the final 7–10 days before closing.
Day 10: Final Title Searches
Your solicitor conducts final searches of the Land Registry to confirm no new charges have been registered against the property. If the property is unregistered land, they search the Registry of Deeds and may also conduct a local authority search to check for planning enforcement notices.
Day 8: Requisitions on Title Replied To
The vendor’s solicitor provides final replies to requisitions. Your solicitor reviews these to ensure everything is in order. If the property is an apartment, this includes confirming the management company is up to date with service charges and that all necessary certifications (fire safety, building regulations) are on file.
Day 7: Insurance and Protection in Place
You confirm buildings insurance and mortgage protection insurance are active from closing date. You provide certificates to your solicitor, who forwards them to the lender.
Day 5: Drawdown Request Sent
Your solicitor sends the formal drawdown request to the lender. This includes a list of closing documents, confirmation of insurance, proof of cleared funds in the client account, and a statement that all conditions have been met.
Day 3–4: Lender Reviews Request
The lender’s legal team reviews the request. They may raise queries if anything is unclear or missing. If they are satisfied, they authorise the transfer of funds.
Day 1–2: Funds Transferred
The lender transfers the mortgage amount to your solicitor’s client account. Depending on the lender and the banks involved, this can clear within a few hours or take a full working day.
Closing Day: Completion
Your solicitor transfers the purchase price to the vendor’s solicitor. The vendor’s solicitor confirms receipt and authorises release of the keys. The estate agent or vendor gives you the keys, and you take possession.
Why Drawdown Can Be Delayed
Delays are frustrating but common. Here are the main culprits.
Title Defects Discovered Late
A final search may reveal a judgment mortgage, a charge registered by a utility company, or an unresolved boundary dispute. Your solicitor must negotiate with the vendor’s solicitor to have these cleared before drawdown. This can take days or weeks depending on the complexity.
Missing or Incorrect Insurance Documents
If your buildings insurance certificate does not name the lender correctly, or if your mortgage protection policy is not yet active, the lender will not release funds. Double-check all documents before sending them to your solicitor.
Vendor’s Solicitor Delays
The vendor’s solicitor may be slow to provide replies to requisitions or to send closing documents. This is out of your control, but your solicitor can apply pressure by threatening to withdraw from the sale if delays continue.
Lender Queries
The lender may raise last-minute queries about the property valuation, the contract, or your financial situation. If your income changed between approval and drawdown, or if the lender spots something in the contract they do not like, they may delay or even withdraw funding.
Bank Transfer Delays
Occasionally, bank transfers are delayed due to technical issues or anti-money-laundering holds. If you are closing on a Friday, aim to have funds transferred by Thursday to avoid a weekend delay.
Stage Drawdown for Self-Builds
If you are building your own home, the lender releases funds in stages rather than all at once. This protects the lender by ensuring money is only released as the build progresses.
Typical Stages
Most lenders use a four-stage drawdown schedule:
- Foundation stage: Released after foundations are laid and inspected by the lender’s surveyor. Usually 20–25% of the total loan.
- First floor stage: Released when the first floor is complete and roof structure is in place. Another 25–30%.
- Roof stage: Released when the roof is completed and watertight. Another 25–30%.
- Final stage: Released when the house is fully finished, connected to utilities, and passes final inspection. The remaining balance.
Surveyor Inspections
At each stage, the lender sends a surveyor to inspect the work and certify that it has been completed to the required standard. You request the inspection through your solicitor, and the surveyor typically reports back within a few days.
If the surveyor finds issues — poor workmanship, deviations from the approved plans, or incomplete work — they may refuse to certify that stage until the issues are fixed. This can delay the next drawdown.
Managing Cash Flow
Stage drawdown requires careful cash flow management. You must fund the gap between what the builder needs and what the lender has released so far. Many self-builders use bridging finance or personal savings to cover this gap.
New Build Snag Lists and Drawdown
If you are buying a new build from a developer, the lender may require a snag list to be completed and signed off before final drawdown. A snag list is a document listing minor defects or unfinished items — things like missing door handles, paint touch-ups, or incomplete landscaping.
Your solicitor or a professional snag inspector compiles this list during a pre-closing inspection. The developer agrees to fix the items on the list, and the lender may hold back a small percentage of the loan — typically 2–5% — until the snags are resolved.
This holdback is released once the developer confirms all snags have been fixed and you or your inspector signs off. It can take a few weeks or months, but it ensures you are not left chasing the developer for repairs after you move in.
What Happens on Closing Day
Closing day is the culmination of months of work, but the process itself is usually quiet. Here is what happens.
Morning: Final Checks
Your solicitor confirms funds are in their client account and that they have all necessary documents. The vendor’s solicitor confirms they are ready to receive funds and release the keys.
Midday: Transfer of Funds
Your solicitor transfers the purchase price to the vendor’s solicitor. This is usually done electronically and clears within an hour or two.
Afternoon: Confirmation and Key Release
The vendor’s solicitor confirms receipt and authorises the estate agent or vendor to release the keys. You receive a call from the estate agent or your solicitor telling you the keys are ready.
You Collect the Keys
You collect the keys from the estate agent or the vendor. If the property is vacant, the estate agent may meet you at the property to hand over the keys and do a final walk-through.
You are now the legal owner. Your solicitor registers the transfer deed with the Land Registry in the coming weeks, but ownership transfers to you the moment the funds clear.
Practical Tips for a Smooth Drawdown
- Start insurance early: Arrange buildings and mortgage protection insurance at least two weeks before closing. Do not leave it to the last minute.
- Transfer funds early: If you are transferring a large deposit to your solicitor, do it a week before closing to avoid bank delays.
- Stay in touch with your solicitor: Ask for a timeline and check in regularly. If requisitions are taking too long, your solicitor can escalate.
- Have a backup plan for closing day: If you are taking a day off work to collect keys, confirm the morning of closing that everything is on track. Delays can happen.
- Read the final statement of account: Your solicitor provides a final account showing exactly where every euro went. Check it carefully to ensure there are no surprises.
What If Something Goes Wrong?
If drawdown is delayed or falls through, you have options.
Short Delay
If the delay is a matter of days, your solicitor can negotiate a revised closing date with the vendor’s solicitor. Most vendors are flexible if the delay is minor and you are clearly committed.
Title Defect
If a title defect emerges, your solicitor advises whether it can be resolved. Some defects are minor and can be cleared quickly. Others may require the vendor to withdraw from the sale or reduce the price.
Lender Withdraws
If the lender withdraws funding at the last minute, you may need to find a new lender quickly. A broker can help, but this is stressful and may mean you lose the property. Always ensure your financial situation has not changed between approval and drawdown.
Vendor Delays
If the vendor’s solicitor is causing delays, your solicitor can serve a completion notice requiring them to close within a set timeframe or allow you to walk away and reclaim your deposit.
After Drawdown: What Comes Next
Once drawdown is complete and you have the keys, a few administrative tasks remain.
Register with the Land Registry
Your solicitor handles this. It can take 6–12 months for the Land Registry to process the registration, but you own the property from closing day regardless.
Set Up Direct Debit for Mortgage
Your lender sends you details for setting up a monthly direct debit. Your first payment is usually due within a month of drawdown.
Update Home Insurance
Ensure your buildings insurance remains active and paid. If you arranged it through a broker, they usually handle renewal reminders.
Claim Tax Relief if Eligible
First-time buyers can claim mortgage interest tax relief for the first seven years of their mortgage. Claim this through Revenue’s online system once you have your first mortgage statement.
See also: Mortgage Approval in Principle Ireland | First-Time Buyer Mortgages Ireland | Understanding Mortgage Protection Insurance in Ireland | Navigating the Mortgage Market: The Role of Brokers in Ireland | Stamp Duty Ireland 2026