Kensington Mortgages have changed their policy when it comes to building insurance checks to be conducted via lawyers acting on their behalf on conveyancing matters.
Via changes to their CML Handbook provisions Kensington Mortgages now require that he maximum excesses on building insurance for a property that they are lending on do not exceed £1000 for subsidence and £500 for all other risks.
Sunday, 25 January 2015
Wednesday, 21 January 2015
Birmingham Midshires Conveyancing - Panel Requirements Removed
Just in case your were wondering about whether BM have changed their solicitor panel requirements, the title here is referring to solar panel requirements.
In a somewhat surprising move lenders such as Birmingham Midshires, Bank of Scotland and Halifax removed their previous answers to the question 5.14.1 ('Does the lender require me to report to them where the lease does not meet the CML minimum requirements for leases of roof space for solar PV panels?')
So what do you do if you are buying a property where there is a lease of the roof space for solar PV panels where the lender does not answer this section of the CML handbook. My suggestion is that you make the disclosure in any event.
In a somewhat surprising move lenders such as Birmingham Midshires, Bank of Scotland and Halifax removed their previous answers to the question 5.14.1 ('Does the lender require me to report to them where the lease does not meet the CML minimum requirements for leases of roof space for solar PV panels?')
So what do you do if you are buying a property where there is a lease of the roof space for solar PV panels where the lender does not answer this section of the CML handbook. My suggestion is that you make the disclosure in any event.
Tuesday, 13 January 2015
Changes to Northern Ireland Lenders’ CML Handbook Part 1 and Part 2
The CML have completed their work undertaken in the second half of 2014 to develop guidance for the installation of solar PV panels on roof space in Northern Ireland . The change will take place tomorrow.
The guidance, broadly, follows the same template as the existing guidance already in place for England and Wales. To reflect the guidance the CML will be inserting the following wording into the Lenders’ Handbook Northern Ireland – Part 1 and asking lenders to update the new part 2 questions if they choose to maintain additional requirements:
5.14 Energy Technologies Installed on Residential Properties
5.14.1 Where a property is subject to legal documentation relating to roof space for solar PV panels we require you to check that the documentation meets the CML minimum requirements (Northern Ireland). The minimum requirements include a requirement that the legal documentation is a Lease of Rights and not a lease. Where you consider the minimum requirements are not met, check part 2 to see whether you must report this to us and for details of any additional requirements.
5.14.1 Where a property is subject to legal documentation relating to roof space for solar PV panels we require you to check that the documentation meets the CML minimum requirements (Northern Ireland). The minimum requirements include a requirement that the legal documentation is a Lease of Rights and not a lease. Where you consider the minimum requirements are not met, check part 2 to see whether you must report this to us and for details of any additional requirements.
NEW Part 2 QN: 5.14.1 Does the lender require me to report to them where the lease does not meet the CML minimum requirements for leases of roof space for solar PV panels?
5.14.2 If, after completion, the borrower informs you of an intention to enter into legal documentation relating to roof space you should advise the borrower that they, or the energy technology provider on their behalf, will need to seek consent from us.
5.14.3 The CML has issued a set of minimum requirements where a provider/homeowner is seeking lender consent to enter in to legal documentation relating to roof space for solar PV panels. See part 2 for our additional requirements.
5.14.2 If, after completion, the borrower informs you of an intention to enter into legal documentation relating to roof space you should advise the borrower that they, or the energy technology provider on their behalf, will need to seek consent from us.
5.14.3 The CML has issued a set of minimum requirements where a provider/homeowner is seeking lender consent to enter in to legal documentation relating to roof space for solar PV panels. See part 2 for our additional requirements.
NEW Part QN: 5.14.3 Does the lender have additional requirements relating to leases of roof space for solar PV panels, and if so, what are they
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