Tesco Direct Lawyers on Black Friday

By way of a change to their CML Handbook instructions, Tesco Bank, as of today, require conveyancing lawyers acting for them to notify them of the details of the seller’s lawyer.

Section 3.2.3 of the CML Handbook deals with the question : Does the lender require notification of the name and address of the solicitors firm or licensed conveyancers firm acting for the seller?

By way of an amendment to section 3.2.3 of their P2’s Tesco Bank now require (“direct”) lawyers :

Yes we require you to provide us with this information by calling us on 0345 051 8446 within five working days of receipt your instructions. We will not disburse funds until we are in receipt of this information. You must also inform us immediately if the vendor instructs new solicitors or licensed conveyancers at any point prior to completion.

Leasehold: 85 is the new 70

Penrith Building Society became the latest lender to change their requirements concerning the unexpired term of a lease offered as security. The change to the lender’s BSA mortgage instructions took place a couple of days ago the adjustment being from 70 to 85 years as a minimum requirement.

Penrith Building Society is the 20th lender to amend their minimum lease term requirements in 2015. Nine of the 20 lenders made a change from 70 to 85 years. Four of the said Nine in 2008 accepted leases with 55 years plus remaining.