Change Date : 28/02/2014
Association: UK Finance
Jurisdiction: England and Wales
Index: v.2014 No.111


Policy changes relevant to
Monmouthshire Building Society Solicitor Panel

Updated 08/07/2013 28/02/2014
5.4.6- Does the lender accept search insurance and, if yes, what are the lender's specific requirements? Yes please contact Lending Dept, Head Office. Yes - Re-mortgage
No - Purchase
Please
contact Lending Dept, Head Office.
5.5.1a- Does the lender limit its requirements in terms of time for planning consents? If so, please specify: No. No time limit is applied in respect of conservation areas and listed buildings. No investigation is required in respect of both planning and building regulation consent after 10 years has elapsed. If the nature of the breach is such that you recommend indemnity insurance as a suitable protection you may arrange this on our behalf and simply advise us of the situation. Alternatively if your advice is that the breach does not require indemnity insurance and is outside the statutory limits for enforcement action, you may proceed on that basis providing the applicants are aware of and accept the risk.
5.5.1b- Does the lender limit its requirements in terms of time for building regulation consents? If so, please specify: No. No time limit is applied in respect of conservation areas and listed buildings. No investigation is required in respect of both planning and building regulation consent after 10 years has elapsed. If the nature of the breach is such that you recommend indemnity insurance as a suitable protection you may arrange this on our behalf and simply advise us of the situation. Alternatively if your advice is that the breach does not require indemnity insurance and is outside the statutory limits for enforcement action, you may proceed on that basis providing the applicants are aware of and accept the risk.
5.14.15b- Does the lender accept indemnity insurance if the landlord is absent or insolvent? Yes on the basis that the provisions of section 9 are met. Yes provided you are satisfied that such insurance is a solution to the problem identified and you can give an unqualified Certificate of Title. The conditions in paragraph 9 must also be satisfied. Please add details of the Policy provider and the Policy number on the Certificate of Title and retain a copy on your file.
5.20.3- Does the lender have additional requirements relating to leases of roof space for solar PV panels, and if so, what are they? If the property is subject to a registered lease of roof space for solar pv panels we require you to confirm that the lease contains a valid mortgagee break right which is capable of exercising by us in the event of a repossession.

Where the property is leasehold confirmation must be obtained from the landlord that they have provided their consent to the installation of the equipment.

Confirmation from the borrower that they have advised their buildings insurance company of the installation of the equipment.

We require a letter from the PV Panel Provider as per the BSA template letter March 2013 edition.
If the property is subject to a registered lease of roof space for solar pv panels we require you to confirm that the lease contains a valid mortgagee break right which is capable of exercising by us in the event of a repossession.

Where the property is leasehold confirmation must be obtained from the landlord that they have provided their consent to the installation of the equipment.

Confirmation from the borrower that they have advised their buildings insurance company of the installation of the equipment.

We require a letter from the PV Panel Provider as per the BSA template letter March 2013 edition.

Please forward a copy of the Lease to be retained with the Title Deeds.
6.4.4- Does the lender require me to report incentives? Yes. Yes and provide information on CML Disclosure of Incentives Form.
6.7.4- Will the lender proceed if the property does not have the benefit of a new home warranty scheme? Yes providing the property is over 2 years old. For conversions we will only require a warranty if specified in the offer conditions. Yes but the building work must be monitored or (if completed) have been monitored by a professional consultant and the professional consultant has provided the Professional Consultant's Certificate in the CML Form.
8.1- Does the lender allow me to advise any of the specified third parties? With the exception of Guarantors provided there is no conflict of interest and any document to be signed by such person will not be open to challenge. Yes provided that you are satisfied that there is no conflict of interest in giving such advice and by doing so the document being signed will not be open to challenge
10.2b- What is the minimum number of days notice lenders require? 24 hours. 7 days
14.1.5- Does the lender need to be sent the original mortgage deed? Yes. Yes. You must therefore ensure that you send both the original deed and a certified copy deed to the Land Registry when submitting your application to the Registry for registration of the Society's Charge.

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