Policy Change for Landbay Partners Solicitor Panel

Change Date: 19/10/2023
Association: UK Finance
Jurisdiction: England and Wales
Index: v.2023 No.1090

Policy changes relevant to
Landbay Partners Solicitor Panel

Updated	~~27/04/2023~~	19/10/2023
4.1- Is there a valuation report and if so, does the lender provide it?	~~Yes. We will send you~~ a copy of the ~~valuation report along~~ with the offer and ~~your instructions.~~	Where Landbay has instructed a formal valuation report for the property offered as security a copy of the Valuation Report will be provided with the formal offer of mortgage. The Mortgage Offer will state where a physical valuation has not been obtained. Where a copy of the Valuation Report has not been provided the checks required under Part 1 Section 4.2 and 4.3 should be made against the information contained in the mortgage offer. Please do not request a copy of the Valuation Report if it has not been provided to you.
6.2.1- If different from 1.11, contact if any discrepancies in property's description:	See 1.11a.	See 1.11a. As part of our instructions you are required to check the position of the boundaries of the subject property with your client. The boundaries must be clearly defined by reference to a suitable plan, or property description. They must accord with the information provided in the valuation report, if this has been provided to you and you should check with the applicant that the plan or description accords with the borrowers understanding of the extent of the property to be mortgaged to us. In all cases where a copy of the valuation report has not been provided, you should check the position with the applicant that the plan or the description accords with the applicants understanding of the extent of the property to be mortgages to us. In all cases, you must report to us if there are any discrepancies for consideration by us to determine whether we are prepared to proceed with the matter.