Newcastle Building Society yesterday made a change to their Specific Requirements to their conveyancing panel which could easily be missed but could have a big impact.
The change relates to the answer to question ‘In what circumstances might the Society amend or withdraw the mortgage offer?’ One part of the answer used to read ‘ If the mortgage transaction does not complete within 6 months of the date of the offer’. That sentence has now been changed to ‘If the mortgage transaction does not complete within 3 months of the date of the offer’
Such a change could easily catch a solicitor/conveyancer out if they assume that the Mortgage Offer is Valid for 6 months.
Historical note: This article records a Newcastle Building Society instruction change made in January 2014. It should not be treated as a statement of the Society’s current mortgage offer or conveyancing requirements.
If you are buying or remortgaging with Newcastle Building Society today, read our current guide to checking whether your conveyancer works with Newcastle Building Society’s instructions.
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