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When should buyers tell their solicitor to notify the seller that finance has been approved?

Strictly speaking buyers can tell their solicitor that finance is approved at any stage and do not need to wait for any type of confirmation from their bank. Prudent buyers will always wait until they have received a letter from their bank saying that finance is approved or an offer to provide finance without any conditions. It is not unusual for a bank to confirm over the phone that finance is okay but then later on say that finance has not been approved. Likewise, if the letter from the bank says that it is subject to a valuation or mortgage insurance you should wait until the valuation or mortgage insurance has been approved. Remember that once you tell your solicitor that finance has been approved you cannot pull out of the contract even if your bank will not loan you the necessary money.

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