Change Date : 08/06/2015
Association: UK Finance
Jurisdiction: England and Wales
Index: v.2015 No.579


Policy changes relevant to
Skipton Building Society Solicitor Panel

Updated 26/11/2014 08/06/2015
1.11a- Contact point for standard documents. Mortgage Administration Department (i) Customer Delivery Mortgages Team
(ii) Commercial Servicing Team
1.11b- Contact point if standard documents are inappropriate. (i) MSC Processing Unit
(ii)
Commercial Administration Department
(i) New Lending Team
(ii)
Commercial Servicing Team
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. MSC Processing Unit Completions Team
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. See 3.1.5. Completions Team
4.1- Is there a valuation report and if so, does the lender provide it? You should ask the borrower if they have received one. Valuations will be provided to the borrower unless a kerbside valuation or an AVM has been carried out. We only provide it to the borrower. If the borrower has received one, please request a copy from the borrower. The Borrower should provide you with a copy of the valuation. If not, you can obtain a copy from the Completions Team
4.3- If different from 1.11, contact point if assumptions stated by the valuer are incorrect. MSC Procesing Unit (i) Completions Team
(ii) Commercial Servicing Team
4.5a- If different from 1.11, contact point if re-inspection required. Completions Department (i) Completions Team
(ii) Commercial Servicing Team
4.5b- Where should the certificate of title be sent? Completions Department Completions Team
5.1.1- If different from 1.11, the contact point if the seller has owned the property for less than 6 months: MSC Processing Unit (i) Completions Team
(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: [ Original answer is blank ] (i) Completions Team
(ii) Commercial Servicing Team
5.4.6- Does the lender accept search insurance and, if yes, what are the lender's specific requirements? purchases No, re-mortgages - Yes at your risk. (i) No
(n.b. Remortgages through our home conveyancing scheme may include such insurance)
(ii) No
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 department Completions Team
5.5.3b- Does the lender require an original/copy of the planning permission? Certified copies. See 14.2.2.
5.5.3c- Does the lender require an original/copy of the building regulation consents? Certified copies. See 14.2.2
5.5.3d- Does the lender require certificates of lawful use or development/established use certificate? Yes, certified copies. See 14.2.2
5.5.4- If different from 1.11, contact point if the property is subject to restrictions which may affect its value or marketability. MSC Processing Unit (i) Completions Team
(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 MSC Processing unit Yes, subject to prior approval. If the Offer Conditions do not refer to a flying freehold please report to the Completions Team.
5.7.1b- Does the lender lend on freehold flats? No. Freehold flats in Scarborough only may be approved -please contact MSC processing unit. No. Freehold flats in Scarborough only may be approved -please contact Completions Team.
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? MSC Processing Unit Completions Team.
5.10.1- If different from 1.11, contact point if there is a restriction on use. MSC Processing Unit
.
Completions Team.
.
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. See 5.10.1. (i) Completions Team
(ii) Commercial Servicing Team
5.14.1- What minimum unexpired lease term does the lender accept? Mortgage term plus 40 years.
It is assumed for these purposes the
mortgage term is not less than 20 years.
Mortgage term plus 40 years. If mortgage term has less than 20 years to run then a minimum of 60 years in total is required.
5.14.9- If different from 1.11, contact point for matters connected with the lease: Completions Department Completions Team
5.14.10- If different from 1.11, contact for service charge matters: See 5.14.9. Completions Team.
5.14.13- Does the lender require a receipted copy of notice or evidence of service to be sent to you? See 5.14.12. No, as long as you retain it on your file.
5.14.15a- If different from 1.11, contact point if there is an absentee/insolvent landlord: Completions Department Completions Team.
5.14.15b- Does the lender accept indemnity insurance if the landlord is absent or insolvent? See 5.14.11 Yes, as long as our successors in title including purchasers on a repossession sale are also entitled to the benefit of the policy.
5.15.2a- If different from 1.11, contact point if there are apparent problems with the management company: [ Original answer is blank ] Completions Team.
5.15.2c- Does the lender need to be sent the signed blank stock transfer form? See 5.14.12. No, as long as you retain it on your file.
5.15.2d- Does the lender need to be sent the management company's memorandum and articles of association? See 5.14.12 No, as long as you retain it on your file.
5.16.2- If different from 1.11, contact point if unable to certify search entry does not relate: Completions Department Completions Team
5.17.5a- Does the lender need to be sent the power of attorney? See 5.14.12. No, as long as you retain it on your file.
5.17.5b- Does the lender need to be sent the statutory declaration of non-revocation of power of attorney? See 5.14.12. No, as long as you retain it on your file.
5.19.1- If different from 1.11, contact point for lending on affordable housing, shared equity and shared ownership and where relevant your requirements: See 5.9.1.

We
do not currently lend on shared ownership leases. A shared appreciation mortgage may be accepted subject to prior approval and provided we have the first legal charge but please note we will not enter into Deeds of Priority limiting our charge or requiring us to liase with the second chargee before taking any enforcement measures.
We do not currently lend on shared ownership leases.
6.1.3- If different from 1.11, contact point if borrower is not taking up the mortgage offer: See 5.10.1. (i) New Lending Team
(ii) Commercial Servicing Team
6.2.1- If different from 1.11, contact if any discrepancies in property's description: See 5.10.1. (i) Completions Team
(ii) Commercial Servicing Team
6.3.1- If different from 1.11, contact point for any issues relating to purchase price: See 5.9.1. (i) Completions Team
(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 Department Completions Team
6.5.1- If different from 1.11, contact point if vacant possession is not being given: See 5.10.1. (i) Completions Team
(ii) Commercial Servicing Team
6.6.1- If different from 1.11, contact point if property is let/to be let and to check you lend on buy-to-let: Buy to let Properties clearly state so on the Offer and will stae the mortgage is unregulated. If not,please report to us as the case will have to be re-assessed and re-offered, if approved, on a Buy to Let basis. Please note we do not accept Buy to Let applications where members of the family occupy or will occupy. Buy to let Properties clearly state so on the Offer and will state the mortgage is unregulated. If not,please report to us as the case will have to be re-assessed and re-offered, if approved, on a Buy to Let basis. Please note we do not accept Buy to Let applications where members of the family occupy or will occupy.
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: See 5.10.1. (i) Completions Team
(ii) Commercial Servicing Team
6.6.3- Does the lender require counterpart/certified copy tenancy agreement to be sent to you? Certified copy of completed agreement either with Document Schedule or when completed if later and you are dealing with the letting. A certified copy must be sent to the Completions Team prior to exchange of contracts and/or submission of the Certificate of Title.
6.7.2- What new home warranty documentation should be sent to the lender? Certified copies of all relevant documents required to evidence and enforce cover. Pre-completion, you must confirm the existence of such cover to the Completions Team. Post-completion, see 14.2.2.
6.7.3- Should any assignments of building standards indemnity schemes be sent to us? No. See 6.7.2.
6.7.6- Does the lender need to be sent the professional consultant's certificate? Yes, Certified Copy. Pre-completion, you must provide a copy of the certificate to the Completions Team before or with the Certificate of Title . Post-completion, see 14.2.2.
6.8.1- If different from 1.11, contact point if no agreement and bond for an unadopted road or sewer: Completions Department. Completions Team
6.9.1- If different from 1.11, contact point if necessary easements are absent: Completions Department. Completions Team
6.10.2- Who will the lender release any retentions (or instalments of the advance) to? To you unless the borrower has requested otherwise in writing and we have agreed. To the conveyancer, unless you have requested otherwise and we have agreed to release elsewhere.
6.11.1- If different from 1.11, contact point if property is affected by redevelopment or road proposals: See. 5.10.1. Completions Team
6.12.1- If different from 1.11, contact point if pre-emption rights, resale restrictions, options etc will affect the lender's security: See. 5.9.1. Completions Team
6.13.1- If different from 1.11, contact point if property is affected by improvement/repair grant which will not be discharged: See. 5.10.1. Completions Team
7.4- If different from 1.11, contact point if doubts about accuracy of information disclosed: See 5.10.1. Completions Team.
8.1- Does the lender allow me to advise any of the specified third parties? Yes, providing you are satisfied you can give independent advice and the third party has agreed to retain you for this purpose. Yes, providing you are satisfied that you can give independent advice and the third party has agreed to retain you. Otherwise please notify:
(i) Completions Team
(ii) Commercial Servicing Team
and advise which firm has been retained by the third party to give the independent advice.
9.1- Does the lender need to be sent the indemnity insurance policy? yes, certified copy. Pleasse note we require indemnity policies to cover our successors in title, including purchasers from us in possession. No, but please note we require you to report to the Completions Team if the policy will not cover our successors in title.
9.2- What limit of indemnity insurance does the lender require? For lender only cover we will accept a minimum of 110% of the amount of the loan,index linked. For lender only cover we will accept a minimum of 110% (index-linked) of the amount of the loan.
10.2a- Will the mortgage advance be paid electronically or by cheque? Electronically. By CHAPS.
10.2b- What is the minimum number of days notice lenders require? Seven days.We will without obligation or liability seek to release funds with less notice, provided there are no matters outstanding. Please do not request funds with less than 48 hours notice. Seven days. We will, without obligation or liability, seek to release funds with less notice provided there are no outstanding issues. Please do not request funds on less than 48 hours notice.
10.3- What are the standard deductions made from the mortgage advance? None as standard but please check your offer conditions carefully to check if retentions or stage payments apply. Our practice is to debit the account with any fees not paid up front and to add these to the loan balance. You will however only receive the net loan. None as standard. Please check your offer conditions to see if retentions or stage payments apply. For any fees not paid up front, our practice is to debit the account and add them to the loan balance but the conveyancer will only receive the net loan.
10.7- On a delayed completion, when and how is advance to be returned? By electronic payment to Barclays Bank plc Skipton, Sort Code 20-78-42, Account No 70798924, quoting the borrowers name and account number. Please notify the Completions Department funds are being returned. By CHAPS to Barclays Bank plc Skipton, Sort Code 20-78-42, Account No 70798924, quoting the borrowers name and account number. Please notify the Completions Team that funds are being returned.
10.9- If different from 1.11, contact point if completion is delayed? Completions Department. Completions Team
10.10- How long can you hold the mortgage advance before returning it? This must be returned within 1 working day otherwise interest will be charged. The mortgage advance must be returned within 1 working day. Please advise the Completions Team when returning funds in case an imminent Direct Debit collection was triggered by the release of funds to you.
10.11- What, if any interest does the lender charge if return of the advance is delayed? Interest will be charged at the interest rate or rates applicable to the loan for each day's delay in returning the funds. Interest will be charged at the interest rate(s) applicable to the loan for each day’s delay in returning the funds.
12.3.1- If different from 1.11, contact point for release of retentions/mortgage advance instalments: Completions Department. Completions Team
14.1.4- Does the lender require me to make a form CH2 application? Yes, where there is a retention tion or stage payment. Yes, where there is a retention or stage payment.
14.2.1- Where should the title deeds and documents be sent? Mortgage Administration Department. Customer Delivery Mortgages Team
16.1.1- If different from 1.11, contact point for title documents: Mortgage Administration Department
Please
note we are fully dematerialised.
Customer Delivery Mortgages Team
Please
note we are fully dematerialised.
16.3.2- If different from 1.11, contact point for finding out the debt amount: Mortgage Administration Department - Redemptions Team . Customer Delivery Mortgage Repayments Team
16.3.7a- If different from 1.11, contact point for obtaining execution of transfer equity: Mortgage Administration Department but please note most cases are dealt with by way of new mortgage Customer Delivery Mortgages Team but please note most cases are dealt with by way of new mortgage
16.4.1- If different from 1.11, contact point for application for consent to letting: Mortgage Administration Department Customer Delivery Mortgages Team
16.4.2- Does the lender need to be sent a copy of the proposed tenancy? No, but we reserve the right to request this. No, but we reserve the right to request this. The Borrower must complete a Lettings Declaration.
16.5.2- If different from 1.11, contact point for confirming proposed deed or agreement will not adversely affect the lender: Mortgage Administration Department Customer Delivery Mortgages Team
16.5.3a- Where should the deed of variation be sent? See 16.5.2. Customer Delivery Mortgages Team
16.5.3b- Where should the deed of rectification be sent? See 16.5.2 Customer Delivery Mortgages Team
16.5.3c- Where should the deed of easement be sent? See 16.5.2. Customer Delivery Mortgages Team
16.5.3d- Where should the option agreements be sent? See 16.5.2. Customer Delivery Mortgages Team
17.1.1- If different from 1.11, contact point for redemption statements: Mortgage Adminstration Department- redemptions
team
Customer Delivery Mortgage Repayments Team
17.2.1a- Where do you send the discharge and repayment remittance? Mortgage Adminstration Department- redemptions
team
Customer Delivery Mortgage Repayments Team