Change Date : 23/02/2016
Association: UK Finance
Jurisdiction: England and Wales
Index: v.2016 No.60

Policy changes relevant to
The Mortgage Works Solicitor Panel

Updated 14/01/2016 23/02/2016
6.8.1- If different from 1.11, contact point if no agreement and bond for an unadopted road or sewer: Originations Newly built properties: we do not insist on any such agreement and bond being in place or you making a retention, providing the roads and sewers are to be adopted eventually or managed by residents or a management company (see 6.8.4 part 1) and so we do not need to be made aware of such circumstances. However, you should ensure all borrowers are aware of their potential liability.
Second hand properties: whether managed by residents or a management company or not (see 6.8.4 part 1), all borrowers must be made aware of the practicalities of the situation and of their future or potential liability, we do not need to be advised of the situation. For un-adopted sewers the vendor must confirm the system is currently working and there have been no disputes regarding servicing and maintenance of the system.