New build land registry

Hi there,

I hope this message finds you well.

Wanted some advice if possible. My wife and I are currently in the process of buying a new build property - we are both first time buyers. We received some correspondence from our solicitor to state that land registry applications can take between 1-3 years, and that if we have fixed our mortgage between 1-3 years we need to speak to our broker.

Our mortgage deal we have been offered is for a 2 year fixed - the worry is if the land registry application is not complete within this time frame, we would be in a situation where we could not remortgage our property with another lender for a fixed period which would mean we would go onto a variable rate which would have severe financial implications for us.

My question is what do people do in this situation? We don't want to fix for 5 years. But neither do we want to run the risk of coming to the end of our 2 year fixed term and not being able to remortgage if the property due to this being incomplete.

Should we ask our solicitor to apply for the expedition now? Is that even possible as it would be right at the beginning of our 2 year term but we have a valid reason why?

Kind regards,
Ishan

Apologies to be more specific, is a 2 year fixed not feasible with the long processing times for the land registry? Not sure if that is enough time - don't want to be in a situation where we cannot remortgage just never really heard about this problem before?

Hi Ishan - that's interesting advice from your solicitor and whilst wait times can be lengthy the commentary/advice given is not the type I have come across previously.
As you already appreciate we have an expedite service that hastens applications where there's an urgency involved such as a linked/dependent transaction. Request an expedite - GOV.UK 
A remortgage would be such a transaction
Fixed year mortgage deals are the norm for many but there is zero reason in my experience or from a registration perspective to be concerned re the wait time referred to. And certainly no point in requesting expedition now when there is no urgency as the request would be rejected.
Yes, speak to your broker/lender as appropriate but don't shy away from a 2 year fixed deal if it's the right one for you both. And just make a note on your calendar to check to see if the registration is complete 6 months before the end of the deal and/or when you are ready to start the remortgage process. Once you have a new mortgage offer, and IF the registration has not been completed, you can then request expedition as appropriate

Hi Adam, Thank you for the swift response!
Just one other side question if you could help at all:
My wife and I recently married, but as our acceptance offer for the house was so close to our marriage date we were unable to update any of her documentation in her now married surname. So our mortgage and land registry documents will be in her maiden name. What Would it the best order to let HM Land Registry know of her name update to avoid it causing further delays. We can simply just wait for the land registry to be registered before we change any of her ID docs and then request the update then? I guess we are trying to find the path of least resistance lol!
Kind regards,
Ishan

Hi Ishan - you can ask the current conveyancer to submit and include a copy of the marriage certificate with their application 
Or you can make your own application - HMLR Guide: Start - External  · HM Land Registry 
Or when the application to remortgage or anything else is made include a certified copy of the marriage certificate with that
There's no 'resistance' to any of those three options

Hi Adam,

Apologies for the delay!

Really appreciate you help here!

Would any of the options be an issue? For example if we waited till let's say 6 months before your remortgage as then my wife's ID docs etc should all be changed over and aligned with the marriage certificate?


Kind regards,
Ishan

Hi Ishan - no issues that I can see. But ID docs are not changed over. Any ID docs done now would be used for the current application. If you then remortgaged in say 6 months you would need to have your identities verified again