Transfer of equity - what if remortgage falls through?

[QuickNmChng]

I appreciate this is a worst case scenario but I’m hoping someone may be able to advise - perhaps @Collaborate?

Alex and Betty are on a joint mortgage, but Betty wants out.
Alex manages to get a new remortgage offer for the whole amount.
Alex and Betty sign the transfer of equity (TR1) form, releasing Betty from any ownership of the property.

What happens if, after signing, an issue crops up with Alex’s remortgage? As in they decide not to give it to him after all?

Betty will be in a position of having signed away the house but will still be on the mortgage.

What can be done?

When my ex transferred the house to me and I took the mortgage on in my name only it all happened at the same time.

Ah, so even once the TR1 form is signed, they don't process it until the same day as the mortgage funds come through perhaps?

It was a while ago but I'm pretty certain that's the case.

The new mortgage lender takes over straight away. Transaction cant take place without everything being ready

If I remember I signed all the paperwork in readiness but it wasn’t fully transferred until the new mortgage completion date (solicitors got the funds) I had to tell the mortgage company & my solicitors what date to transfer it on. I paid off my ex partner.

It all
Has to happen at the same time unless I’m missing something obvious as otherwise where will the money come from?

Thanks all. I didn’t even think about it that way. In my head, the TR1 form would be signed and then the solicitor would contact the bank to let them know and they’d do the final checks for the mortgage.

In your experience, once all parties had signed the TR1, how long was it until the entire thing was done and dusted?