Nationwide Building Society have just made important changes to their CML Handbook Part II instructions. One of the changes that caught my eye relates to the lender's requirements where the seller has owned the property for less than 6 months.
The new answer to 5.1.1 reads :
We will not normally lend where there is a sub-sale or back to back transaction and we will not lend where the contract for sale is to be assigned to a third party. All circumstances where the owner/registered proprietor has owned the property for less than 6 months from purchase should be referred to the issuing office, ensuring that the following details are provided:
The name and address of the person who sold, or will be selling, the property to the applicant`s vendor;
The amount paid for the property by the applicant`s vendor;
Details of any connection between the original and the applicant`s vendor, or between either vendor and the mortgage applicant;
Details of any work carried out to the property between the two transactions;
When the two transactions took place or will take place.
This was just one of the latest changes by Nationwide who have made 12 section changes so far in 2016 (more than double 2015). If you are on the Nationwide conveyancing panel and wish to receive notifications of changes you do so by subscribing to LENDERmonitor.
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