Change Date : 24/10/2016
Association: UK Finance
Jurisdiction: England and Wales
Index: v.2016 No.518


Policy changes relevant to
Birmingham Midshires Solicitor Panel

Updated 26/08/2016 24/10/2016
5.1.1- If different from 1.11, the contact point if the seller has owned the property for less than 6 months: Completions Team at office issuing mortgage instructions. See Offer for contact details.
For remortgage applications, the customer must have owned the property for at least 6 months.

Sub-sales, where the seller has owned the property for less than 6 months, and back to back transactions are not acceptable. We also regard as sub-sales cases where the seller acquires the freehold (or superior leasehold) title to the property, which they then immediately sell on to the borrower by the grant to them of a lease (or sub-lease).

Applications which involve assignable contracts or irrevocable powers of attorney in favour of intervening sellers are not acceptable. You should also report any other structure to the transaction which has a similar effect.

If you consider that there are reasons for the use of
any of the above arrangements which mean the case is acceptable, you should report the details. We shall then consider whether or not it is acceptable.
Completions Team at office issuing mortgage instructions. See Offer for contact details.
For remortgage applications, the customer must have owned the property for at least 6 months.

Sub-sales, where the seller has owned the property for less than 6 months, and back to back transactions are not acceptable. We also regard as sub-sales cases where the seller acquires the freehold (or superior leasehold) title to the property, which they then immediately sell on to the borrower by the grant to them of a lease (or sub-lease).

Applications which involve ‘Assignable Contracts’, 'Fulfilment Contracts', 'Assisted Contracts', 'Assignment Contracts', 'Novation Contracts', 'Transferable Contracts' or irrevocable powers of attorney in favour of intervening sellers are not acceptable. You should also report any other structure to the transaction which has a similar effect.

Please report to us if
any Unilateral Notice is registered against the freehold title and relates to the security address.

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