Friday, 31 January 2014

Newcastle Building Society Conveyancing Panel Alert - A Tiny but Important Change

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.

Other changes also took place in addition to the above so if you are on the Newcastle Building Society Conveyancing Panel click here to see the update.

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