Problem Property
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Nationwide Lease Extension Update: Referrals and the Two-Week Rule
Nationwide Building Society’s updated guidelines for lease extensions emphasize compliance with the Leasehold Reform, Housing and Urban Development Act 1993. Conveyancers must submit detailed lender enquiries two weeks before exchange, ensuring adherence to lender criteria. Proposed extensions not meeting requirements must be referred, clarifying risks and justifications. LENDERmonitor notifications are crucial for tracking changes.
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My New-Build House Has Possessory Title: Why Wasn’t I Told?
A homeowner discovered their new-build house has possessory title two years after purchase, contrary to their understanding of “full title guarantee.” The developer claims solicitors were informed, but many buyers were unaware of this title issue. The case highlights the need for clarity in title classifications and regulatory disclosure.