Tag: leasehold.
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Building Safety Guidance – Update for Conveyancing Lawyers
The Conveyancing Association has updated its building safety guidance document for conveyancing firms. This new version of the guidance, published today, includes updates to the frequently asked questions and answers section, as well as a list of questions all conveyancing firms (regardless of CQS accreditation) should consider when working on cases with relevant buildings. The…
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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…
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Lenders Who Made Changes to Their Handbook in September 2017
A number of lenders made changes to their Handbook last month. Perhaps not surprisingly some focused on changes to leasehold requirements. Examples of lenders who made changes (England and Wales region) include: Yorkshire Building Society (2 sections) Scottish Widows Bank (5 sections) Swansea Building Society (1 section) Chelsea Building Society (2 sections) Market Harborough Building made set an…
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Leasehold is Changing – Is this Reflected in your Report on Title?
Leasehold reform is on the way. Many lenders have already been proactive in making changes for some months now to their P2 Handbook requirements. Is it now time to be making changes to your Report on Title in light of new lender instructions and in anticipation of legislative reform? On the 25th and 26th September…
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Leeds Follow Other Lenders Giving Short Leases a Wider Berth
Conveyancers need to take special note of the recent trend in lenders increasing their minimum unexpired lease terms via amendments to section 5.14.1 of Part 2 of the CML Handbook. If I was still in practice I would definitely be referencing this trend in the report on title sent to clients purchasing leasehold flats with…
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Lease Extension Reform Debated in House of Lords
Peers took part in a second reading debate on the Leasehold Reform (Amendment) Bill. This private members’ bill, was introduced to the House of Commons by Conservative MP Philip Hollobone. The bill received cross-party support. The bill amends the Leasehold Reform, Housing and Urban Development Act 1993 in relation to the permitted signatories of notices.…
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Leasehold service charges under attack at Westminster
A heated debate has recently taken place at Westminster Hall where it was argued that the current leasehold system favors property management companies. Jim Fitzpatrick MP has opened fire on “rip-offs” faced by leaseholders in a call for reform of unfair charges and a confusing legal system. Mr Fitzpatrick said: “Urgent action is needed to…
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Conveyancers to take note of study into residential property management
The Office of Fair Trading (OFT) has recently announced its intention to conduct a market study into residential property management services for leasehold homes in England and Wales. In time the findings may have implications for leasehold conveyancing. The OFT is particularly interested in Whether leasehold owners feel that they have sufficient involvement in decisions…
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A post completion nightmare – difficulties with a restriction
It is not unusual in a dealing with leasehold transaction to be faced with a restriction on the title in favor of a management company. Many leases for new developments in the 80s and 90’s imposed obligations on a management company formed by the residents of to ensure that responsibility for the upkeep and management…