In the last twelve months the conveyancing fraternity witnessed significant changes to Part 2 of the UK Finance Mortgage Lenders’ Handbook. This, combined with the press and government focusing a spotlight on leasehold, resulted in firms considering how they should upgraded their Report on Title .
In response to lender changes and in anticipation of legislative action many new paragraphs were added as optional precedent text to the Lexsure’s Report on Title in 2017 by the network of lawyers using the software.
Ten areas of Report on Title development in 2017
- Ground Rent Escalation
- Remaining Lease Term Less than 90 Years
- High Ground Rent
- Original Lease Term Below 125
- Source of Funds
- Contributors Towards Purchase Price
- New Build – Long-stop Completion Date
- Statutory Matters Concerning Leasehold
- EPC Result – F/G Rating
- Limitation of Enquiries based on CQS Protocol
These are historical examples of paragraph topics developed in 2017, rather than current lender acceptance thresholds. Any wording used today should be checked against the applicable law, lender instructions and transaction circumstances.
Firms wishing to be alerted as to new suggested paragraphs should subscribe to the e-ROT Notification Service.
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