Change Date : 25/01/2013
Association: UK Finance
Jurisdiction: England and Wales
Index: v.2013 No.63


Policy changes relevant to
Halifax Solicitor Panel

Updated 28/11/2012 25/01/2013
10.7- On a delayed completion, when and how is advance to be returned? The full amount of the mortgage advance as shown on the mortgage offer must be returned electronically within 5 working days.

Where
the mortgage roll number begins with A/, the mortgage advance must be transmitted to sort code 11-03-87, account number 99917573.

Where the mortgage roll number begins with 10/ or 70/, the mortgage advance must be transmitted to sort code 30-15-99, account number 00579601.

In all cases you should quote the mortgage roll number and reason for return code:

DCP - Delayed Completions: NCO - Advance not going ahead: GEN - Any other returned funds. If the return code is GEN please notify the reason for return to Completions Department, Mortgage Services, Trinity Road, HX1 2RG. Fax no. 0845 1221034 Phone no. 0845 1207784


The full amount of the mortgage advance as shown on the mortgage offer must be returned electronically:

Where
the mortgage roll/account number begins with A/, within 5 working days and transmitted to sort code 11-03-87, account number 99917573.

Where the mortgage roll/account number begins with 10/ or 70/, within 1 working day and transmitted to sort code 30-15-99, account number 00579601.

In all cases you should quote the mortgage roll/account number and reason for return code:

DCP - Delayed Completions: NCO - Advance not going ahead: GEN - Any other returned funds. If the return code is GEN please notify the reason for return to Completions Department, Mortgage Services, Trinity Road, HX1 2RG. Fax no. 0845 1221034 Phone no. 0845 1207784



10.10- How long can you hold the mortgage advance before returning it? 5 working days. However, if completion is delayed and we do not receive the returned funds by close of business on the fourth working day after the date of completion stated in the Certificate of Title, we will charge you interest on the advance amount (see 10.7). Where the mortgage roll/account number begins with A/: 5 working days. However, if completion is delayed and we do not receive the returned funds by close of business on the fourth working day after the date of completion stated in the Certificate of Title, we will charge you interest on the advance amount.

Where the mortgage roll/account number begins with 10/ or 70/: 1 working day


10.11- What, if any interest does the lender charge if return of the advance is delayed? We will charge you interest, at the rate applicable to the mortgage as shown in the mortgage offer, calculated daily, from the original completion date (first working day) until we receive the funds back or the revised completions date whichever is the sooner. Where the mortgage roll/account number begins with A/, we will charge you interest, at the rate applicable to the mortgage as shown in the mortgage offer, calculated daily, from the original completion date (first working day) until we receive the funds back or the revised completion date whichever is the sooner.

Where the mortgage roll/account number begins with 10/ or 70/, the contractual rate in the mortgage offer from the date on which the funds were sent to you