Leasehold
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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
Last month, several lenders in England and Wales updated their Handbooks, notably concerning leasehold requirements. For instance, Market Harborough Building Society introduced new ground rent limits, capping them at £250 outside London and £1,000 within. Unreasonable fee escalations must be referred to the Society for advice on mortgage validity.