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F E Smith
F E Smith, Advocate
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I am selling a property. I requested a deletion in name from

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I am selling a property. I requested a deletion in name from my property deed last year when I placed my property on sale. I was advised at the time by my Solicitor, that both the deed change and completion of sale could be done at the same time. An offer was made on my home in Feb 2016, and I have now been informed by my Solicitor that there will be 6 month delay from the Buyer's mortgage provider issuing the mortgage on grounds of change in my property's deed name (from joint to sole ownership). I was advised that this is due to recent legislative change. I am unable to find any resource that confirms this. I have contacted my own Mortgage Lender who has already approved the change in deed - and the adviser stated that they are completely unaware of this "6 month delay" in lending. Interesting, my Mortgage lender is the same as the Buyer's mortgage lender. I would appreciate some clarity on this if possible.
Submitted: 11 months ago.
Category: Law
Customer: replied 11 months ago.
Some additional information:
I received an email from my Solicitor on 11/4/16 who stated that she contacted the Buyer's solicitor who contacted the Buyer's mortgage lender who confirmed that the mortgage will be delayed by 6 months. She confirmed whether we still wanted to proceed with the change in deed name, considering a potential "loss of sale". I decided to proceed with the original deed change regardless of outcome.
I received an email from the Estate agent on 14/4/16 who contacted the Buyer's solicitor who stated that they were unaware of our plans to make a Deed change, and they confirmed that they have not contacted the Buyer's mortgage provider. The Estate agent also contacted the Buyer's mortgage provider, who confirmed that the lending was ready to take place, with no delay regardless of deed change, and were awaiting confirmation from the Buyer's solicitor!
This was meant to be a "quick" sale!....
Expert:  F E Smith replied 11 months ago.
This is not a legislative change, it is the lenders own criteria although they all now have the same criteria. They require a property which is being purchased and to which they are providing the mortgage, to have been owned by the seller for a period of at least 6 months. It is to prevent people buying houses cheaply and turning them round really quickly without proving that any work was done on them and which justified the uplift in the price.If the property simply went from joint names into your sole name, then provided your solicitor will confirm that and will confirm when you bought the property and what price and that no money changed hands when it was transferred from 2 names to 1 name or, if it did change hands why and also why the property was transferred from 2 names to 1 name (divorced?) there is no reason why the buyer’s lender should not proceed.However, you are entirely in the hands of the buyer and if the solicitor acting for the buyer will simply not advise the lender accordingly, all you can do is find another buyer.Your solicitor was absolutely correct and in this particular case, it is the buyer’s lender and the buyer’s solicitor who is being particularly pedantic.Can I clarify anything for you?
F E Smith, Advocate
Category: Law
Satisfied Customers: 8974
Experience: I have been practising for 30 years.
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