Tag: CQS Purchase of a Leasehold Policy
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CQS Purchase of Leasehold Policy:Relic or a Resource?
For CQS-accredited firms, a “standard” purchase of leasehold policy is no longer enough. To survive an independent CQS compliance audit your Leasehold Purchase Policy must be a dynamic document that evolves alongside breakneck legislative shifts. If your leasehold policy hasn’t been touched since the Building Safety Act first landed, you aren’t just out of date,…
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Lender Updates Leasehold Policy
MPowered Mortgages updated their P2 policy for leasehold properties, setting strict guidelines for ground rents, maintenance charges, and property valuations. Legal firms handling CQS should be aware of these changes.
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CQS Purchase of a Leasehold Policy Template
In 2019, the Solicitor’s Regulation Authority identified shortcomings in conveyancing firms regarding client information on property ownership. A review revealed that 23% of firms could not differentiate between freehold and leasehold titles. The CQS CPMS standard now requires accredited practices to maintain appropriate leasehold policies, yet many fail to comply effectively.
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CQS Purchase of a Leasehold Policy
I have been asked on a few occasions recently ‘What should be included in a CQS Purchase of a Leasehold Policy‘. The leasehold landscape is rapidly changing, so your firm’s policy should be frequently under review. During a recent CQS mock audit I noted a particularity thorough policy where the table of content included: Financial implications…
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What is a 'Reasonable' Leasehold Event Fee?
Skipton Building Society is the latest lender to change their Handbook requirements introducing a reasonableness test when it comes to leasehold event fees. The new instruction at section 5.14.9 reads ‘….event fees must remain at a reasonable level at all times during the lease term’ This begs a couple of questions: “What is an ‘event…