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6-month rule change of ownership in conveyancing
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adviceseeker2000
Posts: 1 Newbie
We've been conveyancing for a property for 3-4 months now, with the mortgage offer approved and searches underway. The property has undergone a change in ownership due to probate for one of the joint owners, and we have had to wait for a first land registration (now complete). One of the owners has owned the property for 20+years and the other (new) owner is a trustee to replace the deceased owner. We have now been advised that our lender has raised questions about the change in ownership, which might affect our ability to get a mortgage due to the 6-month rule.
My question is whether it is likely that the lender will withdraw the mortgage offer, or whether this will not be a problem given the particular circumstances detailed above? Further, are there alternative routes that might help us complete the sale?
My question is whether it is likely that the lender will withdraw the mortgage offer, or whether this will not be a problem given the particular circumstances detailed above? Further, are there alternative routes that might help us complete the sale?
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Comments
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"Have been advised" by whom? If by your solicitor, haven't they already given you advice about how they are responding? The death of the joint owner isn't relevant to the risks which the 6 month rule are trying to protect the lender from.1
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