Tag: Minimum lease term
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Searching for the Right Paragraphs for your Report on Title
More than 400 lawyers used Lexsure’s Report on Title paragraph database last month seeking assistance in drafting this crucial document in the conveyancing process. Firms struggle to find the time to create a firm-wide index of newly created paragraphs to be made available for future use. Lawyers readily admit to me that notwithstanding the constant…
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Will your Borrower Client's Lease Term Accord with CML Handbook Requirements?
Accord Buy to Let is the latest of a number of lenders who have changed their CML Handbook requirement relating to minimum unexpired lease terms (section 5.14.1). The new requirement reads : “85 years from the date of completion of the mortgage“. This replaces the old wording: “60 years from the date of the mortgage…
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Metro Bank Updates CML Handbook P2 Instructions
Metro Bank PLC have just updated 15 sections of their CML Handbook Instructions. Some of the more notable section changes include : 5.4.6- Does the lender accept search insurance and, if yes, what are the lender’s specific requirements? 5.14.1- What minimum unexpired lease term does the lender accept? 5.20.1- Does the lender require me to…
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November 2016 Overview – CML Handbook and BSA Mortgage Instruction Changes
Key Statistics for November 2016 (England & Wales): 35 lenders made changes to their instructions 130 sections were changed by lenders 5 lenders made changes to their minimum lease term requirements 6 lenders made changes on more than one occasion in November 3 lenders set out a disclosure obligation relating to Japanese knotweed One lender…
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A Precise Approach to Builders' Deposits
Recent updates to Precise Mortgages Conveyancing Panel’s Part 2 requirements include changes to unacceptable incentives, such as vendor deposits and discounted purchases. Additionally, lease term requirements have been revised, and CH2 application rules are updated. Conveyancers should refer to the LenderPanel directory for the latest information.
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Are Bank of Ireland Closing the Door on Leasehold Properties?
Yesterday, Bank of Ireland became the 14th lender this year to change their minimum lease term requirements via amendments to the CML Handbook Instructions. Section 5.14.1 (What minimum unexpired lease term does the lender accept?) used to read “70 years unexpired from the date of completion of the mortgage”. This has now been changed to…
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Platform Home Loans Conveyancing Panel Alert – Minimum Lease Term
Mortgage lenders are tightening criteria for properties with short unexpired lease terms. Platform Home Loans has increased its minimum acceptable lease length from 50 years to 70 years, aligning with major peers. Conveyancers must audit active files for compliance and seize opportunities for lease extensions amid these stricter requirements, impacting transactions significantly.
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Building Society Panel on Notice of Tighter Minimum Lease Terms
Historical note: This article records a change to Tipton and Coseley Building Society’s mortgage instructions at the time of the original publication. It should not be treated as a statement of the Society’s current lending criteria. Conveyancers should check the current lender instructions before acting. The trend for lenders to take a more cautious approach…
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Yorkshire Building Society Solicitors Panel Alert
Various changes took place last Friday to the CML Handbook Part 2 requirements. To access the change click here. The main changes relate to what documents you should send the lender on completion and also a slight but important change to calculating the acceptable minimum lease term.