Tag: CQS Purchase of a Leasehold Policy
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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
Back in 2019, the Solicitor’s Regulation Authority (SRA) undertook a Residential Conveyancing Thematic Review. This review emphasised that conveyancing firms were falling short in providing sufficient information to their clients regarding the various types of property ownership and potential buyer implications. Alarmingly, the report uncovered that 23% of observed firms failed to clarify the distinction…
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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…