Tag: Lendermonitor
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No Lender Lockdown When it Comes to Handbook Changes
In the last three months Lexsure has witnessed significant activity by lenders changing their Handbook requirements. Whilst firms currently encounter a slowdown in activity from buyers and sellers there is no hold-up in lenders revising their instructions to law firms. Here are some of the facts and figures: Lender Sections Changed Separate Events Barclays Bank…
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No Summer Slowdown When it Comes to Lender Handbook Changes
The three month period between June and September 2018 witnessed significant activity when it came to lenders changing their Handbook instructions. Conveyancers may have taken a well earned break during the summer but lenders did not rest when it came to altering their requirements for panel firms. Here are some of the facts and figures:…
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Handbook Changes – Top Lenders Start 2018 with Updates
It has been a busy start to 2018 when it comes to lenders changing their Handbook instructions. Three weeks into to the new year eleven lenders have updated their instructions via Part 2 of the UK Finance Mortgage Lenders’ Handbook for conveyancers. Twenty six sections have been changed. Examples of top lenders who have made…
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HSBC Stops Lending on Leaseholds with Onerous Ground Rents
HSBC have become the latest lender to change their CML Handbook instructions to lawyers in relation to ground rents. Policy 5.14.9 of HSBCs CML Handbook Part 2 now reads We will not provide residential or Buy to Let Mortgages in the following circumstances: • The property is subject to an onerous Lease clause regarding an…
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Santander Update 'Acceptable' New Home Warranty Schemes
Santander have just updated Section 6.7.1 of their CML Handbook Part 2 instructions to read: 1 NHBC Buildmark 2 Premier Guarantee (New Homes; Self Build; Completed Housing) 3 BLP (Building Life Plans) residential housing warranty insurance (BLP Secure; BLP Secure Plus) 4 BOPAS (Build Offsite Property Assurance Scheme) 5 LABC Warranty (New Homes; Self Build;…
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Santander add to List of Acceptable New Home Warranty Schemes
By way of and adjustment to their CML Handbook Part 2 instructions Santander have added the following to the list of acceptable new home warranty schemes : Advantage – AHCI Latent Defects Insurance Policy Aedis Warranties – New Build 10 Capital Warranties – New Build Structural Warranty International Construction Warranties (ICW) – Residential New Build…
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Nationwide Building Society – Changes to Conveyancing Panel Instructions
Nationwide Building Society have just made important changes to their CML Handbook Part II instructions. One of the changes that caught my eye relates to the lender’s requirements where the seller has owned the property for less than 6 months. The new answer to 5.1.1 reads : We will not normally lend where there is…
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Minimum Unexpired Lease Terms : From the Fire to the Furnace
Leasehold conveyancing solicitors beware : Lenders are changing their minimum lease term requirements. For the second time in the space of a week a CML lender discarded a whole slice of the leasehold market from being mortgageable for their perspective. Furness Building Society is the latest lender to tighten their minimum lease term requirements.…
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Top Ten Most Read LENDERmonitor Policy Alerts in 2013
LENDERmonitor provides protection to conveyancers from the risk of missing updates to Part 2 of the CML Lenders Handbook. With the free LENDERmonitor alert service, solicitors and conveyancers receive an email notification any time lenders of interest make changes to their policies. Staying abreast of any policy changes is particularly important at a time when…
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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…