Policy Change for Skipton Building Society Solicitor Panel
Change Date: 31/10/2023
Association: UK Finance
Jurisdiction: England and Wales
Index: v.2023 No.1107
Policy changes relevant to
Skipton Building Society
Solicitor Panel
| Updated |
|
31/10/2023 |
| 3.1.4- If different from 1.11, contact details if the lender needs to be notified when the seller does not have legal representation. | Completions Team | Completions Team via LMS Secure Link |
| 3.2.4- If different from 1.11, contact details if the lender needs to be notified when the seller does not have legal representation. | Completions Team | Completions Team via LMS Secure Link |
| 4.1- Is there a valuation report and if so, does the lender provide it? | We provide a copy of the valuation to you in most cases. If not attached to your instructions, please obtain a copy from the Completions Team | We provide a copy of the valuation to you in most cases. If not attached to your instructions, please obtain a copy from the Completions Team via LMS Secure Link |
| 4.3- If different from 1.11, contact point if assumptions stated by the valuer are incorrect. | (i) Completions Team (ii) Commercial Servicing Team |
(i) Completions Team via LMS Secure Link (ii) Commercial Servicing Team |
| 4.5a- If different from 1.11, contact point if re-inspection required. | (i) Completions Team (ii) Commercial Servicing Team |
(i) Completions Team via LMS Secure Link (ii) Commercial Servicing Team |
| 5.1.1- If different from 1.11, the contact point if the seller has owned the property for less than 6 months: | (i) Completions Team (ii) Commercial Servicing Team |
(i) Completions Team via LMS Secure Link (ii) Commercial Servicing Team |
| 5.2.1- If different from 1.11, the contact point if the seller is not the owner or registered proprietor and is not listed in the exceptions above: | (i) Completions Team (ii) Commercial Servicing Team |
(i) Completions Team via LMS Secure Link (ii) Commercial Servicing Team |
| 5.5.3a- If different from 1.11, contact point for reporting if evidence of breach and all outstanding conditions will not be satisfied by completion: | Completions Team | Completions Team via LMS Secure Link |
| 5.5.4- If different from 1.11, contact point if the property is subject to restrictions which may affect its value or marketability. | (i) Completions Team (ii) Commercial Servicing Team |
(i) Completions Team via LMS Secure Link (ii) Commercial Servicing Team |
| 5.7.1a- Does the lender lend on flying freeholds? |
Yes, subject to prior approval. If the Offer Conditions do
not refer to a flying freehold please report to the
Completions |
Yes, subject to prior approval. If the Offer Conditions do not refer to a flying freehold please report to the Completions Team via LMS Secure Link. |
| 5.7.1c- If the lender is prepared to accept a title falling within 5.7 and the property is a freehold flat or flying freehold, to which contact point must this be reported? |
Completions |
Completions Team via LMS Secure Link. |
| 5.10.1- If different from 1.11, contact point if there is a restriction on use. |
Completions For - the letting must not breach any of the lessee’s covenants; and - consent of the lessor must be obtained if necessary |
Completions Team via LMS Secure Link. For Buy to Let mortgages of leasehold properties: - the letting must not breach any of the lessee’s covenants; and - consent of the lessor must be obtained if necessary |
| 5.13.1- If different from 1.11, contact point if borrower is not providing balance of purchase price from funds/proposing to give second charge. | (i) Completions Team (ii) Commercial Servicing Team |
(i) Completions Team via LMS Secure Link (ii) Commercial Servicing Team |
| 5.14.9- If different from 1.11, contact point for matters connected with the lease: |
Completions GROUND Ground rent and other event fees must remain at a reasonable level at all times during the lease term with a minimum period of 10 years between any increases. The ground rent and other event fees must not exceed more than 0.1% of the property value at the start of the lease term. It is acceptable if the ground rent escalation is linked to the Retail Price Index (RPI) or a similar index. Compounded RPI increases are not acceptable. Clauses providing for Ground Rent increases that 'double' (or more) the preceding level are not acceptable. A ground rent clause which allows the ground rent charge to exceed £250 p.a. outside of London or exceed £1,000 p.a. in London is not acceptable. For any cases that are unacceptable due to any of the points above, we would consider proceeding if you are able to remove the issues of concern by way of a lease variation to complete no later than at the time of the mortgage advance. |
Completions Team via LMS Secure Link GROUND RENT & EVENT FEES Ground rent and other event fees must remain at a reasonable level at all times during the lease term with a minimum period of 10 years between any increases. The ground rent and other event fees must not exceed more than 0.1% of the property value at the start of the lease term. It is acceptable if the ground rent escalation is linked to the Retail Price Index (RPI) or a similar index. Compounded RPI increases are not acceptable. Clauses providing for Ground Rent increases that 'double' (or more) the preceding level are not acceptable. A ground rent clause which allows the ground rent charge to exceed £250 p.a. outside of London or exceed £1,000 p.a. in London is not acceptable. For any cases that are unacceptable due to any of the points above, we would consider proceeding if you are able to remove the issues of concern by way of a lease variation to complete no later than at the time of the mortgage advance. |
| 5.14.10- If different from 1.11, contact for service charge matters: |
Completions |
Completions Team via LMS Secure Link. |
| 5.14.15a- If different from 1.11, contact point if there is an absentee/insolvent landlord: |
Completions |
Completions Team via LMS Secure Link. |
| 5.15.2a- If different from 1.11, contact point if there are apparent problems with the management company: |
Completions IMPORTANT If a rentcharge (including estate rentcharge) is payable on a property, we confirm this will be acceptable on the basis that the charge is reasonable and one of the following conditions can be satisfied: 1. The rentcharge owner is a management company owned by residents (as shareholders) of a private freehold development . 2. The provision under section 121 of the Law of Property Act 1925 has been excluded under the rentcharge clause. 3. The rentcharge clause includes a mortgage protection clause, which states that notice of at least 28 will be provided to the mortgagee prior to any enforcement action being taken by the owner of the rent charge . If condition 3 (above) is satisfied, you should also consider whether a suitable indemnity policy should be taken out to further protect our interest (the onus shall be on yourselves to approve the policy in accordance with the provisions of the Handbook). |
Completions Team via LMS Secure Link. IMPORTANT NOTICE - RENTCHARGES (INCLUDING ESTATE RENTCHARGES): If a rentcharge (including estate rentcharge) is payable on a property, we confirm this will be acceptable on the basis that the charge is reasonable and one of the following conditions can be satisfied: 1. The rentcharge owner is a management company owned by residents (as shareholders) of a private freehold development . 2. The provision under section 121 of the Law of Property Act 1925 has been excluded under the rentcharge clause. 3. The rentcharge clause includes a mortgage protection clause, which states that notice of at least 28 will be provided to the mortgagee prior to any enforcement action being taken by the owner of the rent charge . If condition 3 (above) is satisfied, you should also consider whether a suitable indemnity policy should be taken out to further protect our interest (the onus shall be on yourselves to approve the policy in accordance with the provisions of the Handbook). |
| 5.16.2- If different from 1.11, contact point if unable to certify search entry does not relate: | Completions Team | Completions Team via LMS Secure Link |
| 5.20.1- Does the lender require me to report to them where the lease does not meet the UK Finance minimum requirements for leases of roof space for solar PV panels? | All leases must be reported to Completions Department unless the offer confirms we are aware of the lease and we have provided instructions The lease must meet Skipton requirements which may be over and above CML/UK Finance requirements. | All leases must be reported to Completions Department via LMS Secure Link unless the offer confirms we are aware of the lease and we have provided instructions The lease must meet Skipton requirements which may be over and above CML/UK Finance requirements. |
| 6.2.1- If different from 1.11, contact if any discrepancies in property's description: | (i) Completions Team (ii) Commercial Servicing Team |
(i) Completions Team via LMS Secure Link (ii) Commercial Servicing Team |
| 6.3.1- If different from 1.11, contact point for any issues relating to purchase price: | (i) Completions Team (ii) Commercial Servicing Team |
(i) Completions Team via LMS Secure Link (ii) Commercial Servicing Team |
| 6.4.5- If different from 1.11, contact point if we will not have control over the payment of all the purchase money: | Completions Team | Completions Team via LMS Secure Link |
| 6.5.1- If different from 1.11, contact point if vacant possession is not being given: |
(i) Completions Team (ii) |
(i) Completions Team via LMS Secure Link (ii) Commercial Servicing Team |
| 6.6.2- If different from 1.11, contact point when you do not have details of current letting or letting to take place at completion: | (i) Completions Team (ii) Commercial Servicing Team |
(i) Completions Team via LMS Secure Link (ii) Commercial Servicing Team |
| 6.8.1- If different from 1.11, contact point if no agreement and bond for an unadopted road or sewer: |
Completions We - appropriate arrangements for the maintenance and upkeep of the right of way - maintenance obligations do not impose any onerous liability on the borrower - no liability on the borrower to pay for making up or adoption of the roadway |
Completions Team via LMS Secure Link We require: - appropriate arrangements for the maintenance and upkeep of the right of way - maintenance obligations do not impose any onerous liability on the borrower - no liability on the borrower to pay for making up or adoption of the roadway |
| 6.9.1- If different from 1.11, contact point if necessary easements are absent: |
Completions In |
Completions Team via LMS Secure Link In particular, we require an unrestricted legal right of way on foot and with vehicles from the nearest public road or highway to any necessary point of access to the property or any garage, garden or outbuildings. |
| 6.11.1- If different from 1.11, contact point if property is affected by redevelopment or road proposals: | Completions Team | Completions Team via LMS Secure Link |
| 6.12.1- If different from 1.11, contact point if pre-emption rights, resale restrictions, options etc will affect the lender's security: | We do not lend where there is an overage
agreement in place, or where one will be created on
completion. Other arrangements should be notified to our Completions Team for consideration. |
We do not lend where there is an overage agreement in place,
or where one will be created on completion. Other arrangements should be notified to our Completions Team via LMS Secure Link for consideration. |
| 6.13.1- If different from 1.11, contact point if property is affected by improvement/repair grant which will not be discharged: | Completions Team | Completions Team via LMS Secure Link |
| 7.4- If different from 1.11, contact point if doubts about accuracy of information disclosed: |
Completions |
Completions Team via LMS Secure Link. |
You provide the coffee
and we’ll slice the PI
We have never met a lawyer who thinks PI insurance is cheap. But Lexsure can help you slice a big chunk off your premiums with our simple and industry-approved approach to managing risk.
Easy as PI.