Any mortgage experts/ advisors on here?

Discussion in 'Bulletin Board' started by fired, Feb 9, 2025.

  1. fir

    fired Administrator Staff Member Admin

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    My daughter wants to put an offer in on a house.

    She has an in principle mortgage offer.

    However, the house she is looking at has only been owned by the owner since October.

    We’ve been alerted to a 6 month rule that suggest most lenders won’t agree until 6 months have passed from the land registration date. It isn’t on the land registry yet.

    Is there a way around this?

    Strangely, the owner seems unaware and the Estate agent has failed to mention it.
     
    fired, Feb 9, 2025
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  2. Winker

    Winker Well-Known Member

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    2 months aint a long wait if its what she wants, good luck.
     
    Winker, Feb 9, 2025
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  3. fir

    fired Administrator Staff Member Admin

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    No, but 6 months is if this house isn’t yet registered.
     
    fired, Feb 9, 2025
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  4. cor

    cornwall tyke Well-Known Member

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    cornwall tyke, Feb 9, 2025
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  5. TonyTyke

    TonyTyke Well-Known Member

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    You need @Journo Tyke
     
    TonyTyke, Feb 9, 2025
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  6. Che

    Chef Tyke Well-Known Member

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    Chef Tyke, Feb 9, 2025
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  7. Winker

    Winker Well-Known Member

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    If the tenants have owned the property since Oct, its now feb an april will be 6 months, all these rules got brought in to counter money laundering, all the best.
     
    Winker, Feb 9, 2025
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  8. fir

    fired Administrator Staff Member Admin

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    As far as most mortgage lenders go it’s not when they exchanged contracts, it’s when it was registered. As it stands the property is not showing on the land registry in the owner’s name. So it’s 6 months from whenever that is. We know there is a backlog at land registry.
     
    fired, Feb 9, 2025
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  9. RichK

    RichK Well-Known Member

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    Huge back log at HMLR, can take 18 months for full registration. The solicitor that lodged the application can request an expedition though, given the circumstances I am sure they would be granted it, can be done in a matter of days then if it's straightforward.
     
    RichK, Feb 9, 2025
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  10. Shy Talk

    Shy Talk Well-Known Member

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    Yet more petty rules slowing down the housing market, aided and abetted by the incompetence of HM Land Registry (probably due to chronic staff shortages)
     
    Shy Talk, Feb 9, 2025
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  11. kestyke

    kestyke Well-Known Member

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    We were told September 2025 back in August 2024 for Land Registry but it was done last week (Jan 25), so better than expected and didn't need expediting.
     
    kestyke, Feb 9, 2025
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  12. Gordon Owen

    Gordon Owen Well-Known Member

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    Who ya gunna call

    @Journo Tyke

    Needs to change his name to Mortgage Tyke
     
    Gordon Owen, Feb 9, 2025
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  13. Nor

    Northern Member

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    As a Mortgage Broker, this is very much down to picking the correct lender.

    Some are comfortable, some not.

    The property will need to be registered at Land Registry, in name of vendor - that can be expedited and completed in a couple of days.

    question to ask of Agent / Vendor, if why they’ve only owned it for a short period - as giving the context to lenders often helps.

    I would be more than happy to chat, help them out if required… let me know.

    Any, Independent Broker should have access to a number of suitable options.
     
    Northern, Feb 9, 2025
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  14. RichK

    RichK Well-Known Member

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    That's not bad at all, I've had some very simple applications taken over a year. One purchase took 20 months, although I believe they're in a much better position than they were a couple of years back.
     
    RichK, Feb 9, 2025
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  15. Journo Tyke

    Journo Tyke Well-Known Member

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    Journo Tyke, Feb 9, 2025
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