Conveyancing Handbook

Product Information

On completion, we require a fully enforceable second legal charge by way of our Equity Mortgage over the Property executed by all Borrowers and independently witnessed, which must rank immediately behind the First Charge Mortgage. Our standard form of Equity Mortgage must be used. No additions or alterations will be accepted to our Equity Mortgage. Lenders require that either the buildings insurance policy for the property be taken through themselves or else that it meets certain criteria. Each lender's criteria are slightly different and the CML handbook part 2 instructions should be consulted along with clause 6.14 of part one, but basically you must ensure the following:- If you believe that the Property has been occupied prior to the completion of the Equity Mortgage, you must not part with the advance and should report the position to us (via the Help to Buy Agent). The consent of any guarantors of which the solicitor is aware must be obtained before the transfer of equity is completed

Qualifying Lending Institution means an institution authorised by the Financial Conduct Authority (or its successor body) under the Financial Services and Markets Act 2000, to enter into regulated mortgage contracts as lender.We reduced the number of steps that make up each stage, but your obligations under the protocol remain the same. In the event that your investigations reveal any concern/risk in relation to the management company, these MUST be reported to us (via the Help to Buy Agent) in line with the procedure set out within Section 2.3. Any variation to the code must be in writing. You should only vary the code if your client instructs you to. Any amendments should be specific to the transaction’s needs. Property forms Except where any overriding duty of confidentiality exists you must treat any document as being jointly owned by lender and borrower and you should not part with them unless you have the consent of the lender and all borrowers. A solicitor may make a reasonable charge for providing copy documents. 15 Legal Costs Any application to us for subletting should be sent to the Mortgage Administrator. You are reminded that we will only permit subletting in exceptional circumstances.

a) any product fees or other costs or charges which are levied by the First Charge Lender and are to be added to the capital balance of the First Charge Mortgage; and FAQs for CLC Lawyers seeking to reapply for a new licence after a period of suspension or disqualification If the Property Information Form states the name of a person who is to live at the Property, you should ask the Borrower before completing the Equity Mortgage that the information given to us in the Property Information Form about any occupants aged 17 or over is correct and no other persons aged 17 or over will live at the Property. Leases which contain provisions allowing for periodic increases in the level of ground rent are acceptable provided that the increases are fixed or can be readily established and are reasonable. If the solicitor suspects that the provision for ground rent increases is such that the level of rent may in future materially affect the value of the property, this should be reported. Many leases contain a provision whereby the rent is increased in line with the Retail Price Index (basically the cost of living). This is generally acceptable. The mortgage offer will often state how much the lender believes the annual ground to be currently. If the figure in the offer is not accurate this should be reported.

Privacy notice

You must, by making appropriate searches and enquiries, take all reasonable steps (including any further enquiries to clarify any issues which may arise) to ensure: a receipted utility bill no more than three months old at the date the utility bill is provided to the Help to Buy Agent.