Problematic Properties
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Post Brexit: Managing Flying Freehold Risk and Lender Compliance
The following overview records the market position, legal landscape, and enquiries raised during 2016 (following the EU referendum). At that time, a cooling market led mortgage lenders to tighten compliance checks under the CML Handbook (now the UK Finance Lenders’ Handbook), placing heavy scrutiny on “problematic properties” such as flying freeholds. While these queries highlight…