Tag: BSA Mortgage Instructions
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Lenders Start to Change Ground Rules on Ground Rent
Leasehold as a tenure received quite a lot of bad press in 2016 with the BBC and broadsheets such as the Telegraph pointing to the risk of people buying homes with escalating ground rents. This culminated in the Government saying that it would reform leasehold property after a campaign by charities and MPs to challenge…
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Are Lenders Looking to Shut the Door on Leasehold Property?
Leek United Building Society became the latest lender to 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 yesterday. The significant adjustment is as follows : Former requirement : ‘50 years plus mortgage term’ New requirement : ’75 years plus mortgage…
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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…
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Penrith Building Society Conveyancing Panel Required to Supply Evidence of PI Insurance
Penrith Building Society yesterday changed their conveyancing panel requirements to require confirmation of professional indemnity insurance. It could be a coincidence but this comes hot on the heals of 136 firms being listed by the SRA as uninsured as well as the SRA withdrawing a practicing certificate for a lawyer who continued with conveyancing work…
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Cambridge Conveyancing Panel Now Open to Licensed Conveyancers
Cambridge Building Society today removed the restriction which prevented Licensed Conveyancers from being on the society’s panel. The new requirements for being added to the panel are as follows Minimum of two partners in the practice Minimum indemnity cover of two million The practise must be listed in the Butterworths Law Directory, Waterlows Law Directory…
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Summary of Pros and Cons of Separate Representation
Advantages Clarity of the obligations of solicitors and removal of any possibility of a conflict of interest arising, thus ensuring that clients on both sides of a security transaction receive truly independent advice. Reduction in the number of negligence claims arising from breach of CML Handbook or BSA Mortgage Instructions. Ultimately this should reduce the cost of PI…
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At last, some good news for Sole Practitioners
For the first time in a long time, a lender has changed its tune on not allowing sole practitioners on their conveyancing panel. Astra Mortgages’ published panel requirements via the BSA Mortgage Instructions used to state ‘No sole partner practices will be accepted’. This restriction has now been removed, although new conditions such as being…
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BSA cause confusion on their mortgage instructions
LENDERmonitor has advised conveyancers via their update service about uncertainty relating to BSA mortgage instruction changes. The BSA introduced mortgage instructions (their version of the CML Handbook) for its members in January 2010. The BSA Mortgage Instructions are currently being used by 31 lenders. As is the case with the CML Handbook, the BSA Mortgage…