Will is stopping remortgage

ninjabennett

Hi all.

I am in the processing of remortgaging and I spoke to the solicitors a couple of days ago who confirmed that the remortgage will complete for 2nd May (tomorrow).

In the meantime I am currently sorting out my will. Yesterday, I had an email from the remortgaging solicitors saying that a dealings application (from the will solicitors) is stopping the completion of the mortgage!!

The timing couldn't have been worse. Was one of these solicitors supposed to have let me know that a will could stop a remortgage? I didn't know it could affect this. The whole plan was to change mortgage before going onto the standard variable rate which is much higher than the fixed which is just ending.
Thanks

user1977

What sort of "dealing"? Is it simply a Will they're doing? 

TrickyDicky101

Do you own the property jointly (with another individual - perhaps a spouse/partner) and have you specified in your will you want to sever the joint tenancy (so you can leave your 'half' of the property to somebody not the other joint owner)?

getmore4less

Are you changing lender, 

Completing on a Sunday,  does that happen? 



What else are you doing because normally a will and mortgage are totally  independent of each other.

ninjabennett

Hi TrickyDicky. Yes, my wife wants her half to go to her sister if she dies before me so it's being put in a trust. I get to live in it until I die, then her sister inherits it. The reason being if I meet someone else in the future and it's not in a trust then her half becomes mine and I could do as I wish with it.
I didn't know this would cause an issue with the mortgage. Thanks.

ninjabennett

Getmore4less - yes, we are also changing lender. Not sure about completing on a Sunday but that's when I need to change mortgage to avoid the variable rate

getmore4less

ninjabennett said:

Hi TrickyDicky. Yes, my wife wants her half to go to her sister if she dies before me so it's being put in a trust. I get to live in it until I die, then her sister inherits it. The reason being if I meet someone else in the future and it's not in a trust then her half becomes mine and I could do as I wish with it.
I didn't know this would cause an issue with the mortgage. Thanks.

If that requires a change from joint tenants to tenants in common and you want to update that at the land registry at the same time as the change of lender that  could impact the timing as the will solicitor will need to communicate  with the solicitor  changing the mortgage


The mortgage change should not be dependant on that change from joint to TIC  or any changes in the will .

The land reg could  be updated later as the act of severing a joint tenancy happens when it is done not when the land registry is updated so no reason to cause any delay with the mortgage

Are you both on the mortgage?

 

dunstonh

ninjabennett said:

Getmore4less - yes, we are also changing lender. Not sure about completing on a Sunday but that's when I need to change mortgage to avoid the variable rate

Nobody completes on a Sunday.  And Monday is a bank holiday.   The earliest will be Tuesday now.

ninjabennett

Getmore4less - thank you for your response. Yes, we are both on the mortgage

dimbo61

Being on the variable rate for a few days will not hurt that much.

Thrugelmir

ninjabennett said:

Hi TrickyDicky. Yes, my wife wants her half to go to her sister if she dies before me so it's being put in a trust. I get to live in it until I die, then her sister inherits it. The reason being if I meet someone else in the future and it's not in a trust then her half becomes mine and I could do as I wish with it.
I didn't know this would cause an issue with the mortgage. Thanks.

Your wife's sister isn't party to the mortgage though. That's where the complication lies.