Wyn Williams, Partner & Head of Residential Property at Harding Evans Solicitors in Newport answers your property questions.
Q How long does a mortgage offer last?
A The length of time a mortgage offer lasts varies from lender to lender. The mortgage offer will normally specifically state how long the offer is valid for. Completion would need to take place prior to the date the offer expires. In some circumstances and if required, the mortgage adviser and the solicitor could approach the lender for an extension however any extension of time would be at the discretion of the lender.
Q I am selling my first home and my estate agent has offered to put me in touch with a solicitor, the quotes are double what I’ve received from elsewhere!
A Some estate agents have agreements in place with solicitors which are called referral agreements. Referral fees are normally paid to the estate agent by the solicitors in return for the instruction to act in the sale or purchase. You are free to make your own choice and instruct your own solicitor. You should obtain quotations from solicitors and always check each quote carefully as unfortunately some quotations will not always be as clear as they should be. You may end up paying more than the initial quote given and it is important to ask at the outset if there are any additional charges depending on the type of transaction.
Q My partner and I have separated and we are not married. The property is in both our names and we have a mortgage. We have both agreed that I will keep the property and take on the mortgage. How can we remove his name?
A You need to approach your existing lender to establish if they will agree to transfer the property in to your sole name. They will consider your existing financial position and if they are happy they will issue consent and you can instruct a solicitor to prepare the relevant paperwork to remove the other party if they agree.
Alternatively you could arrange a new mortgage with a different lender and the transfer process could be carried out at the same time. One thing to remember is that if the transfer is not subject to any separation proceedings under a divorce then stamp duty is still applicable.
Harding Evans has a wealth of experience in both commercial and residential property and we are supported by the latest case management systems and established processes to ensure that your move proceeds smoothly.
If you have any questions regarding buying or selling a property or you’re looking for a conveyancing quote – please get in touch with one of our specialist solicitors today on 01633 235140.
Harding Evans are a multi-disciplinary law firm with an expert residential property team who specialise in buying, selling and re-mortgages with fixed-fee rates and no hidden costs.
Please get in touch at: firstname.lastname@example.org, 01633 235140, 2 North Street, Newport, NP201TE
*While every effort has been made to ensure the accuracy of the information provided above, it does not constitute legal advice and cannot be relied upon as such. Please seek legal advice for your individual case.