Change Date : 24/10/2016
Association: UK Finance
Jurisdiction: England and Wales
Index: v.2016 No.526


Policy changes relevant to
The Mortgage Business Solicitor Panel

Updated 26/08/2016 24/10/2016
5.1.1- If different from 1.11, the contact point if the seller has owned the property for less than 6 months: The Mortgage Business, PO Box 548, Leeds, LS1 1WU
Fax No.0845 6039009

For remortgage applications (where the customer is already the registered proprietor of the property whether subject to an existing mortgage or not), the customer must have owned the property for at least six months. Where you have obtained evidence that the customer inherited the property following the death of the previous owner and provided you confirm this to us in writing, the preceding sentence will not apply.

Sub-sales, where the seller has owned the property for less than 6 months, and back to back transactions are not acceptable. We also regard as sub-sales cases where the seller acquires the freehold (or superior leasehold) title to the property, which they immediately sell on to the borrower by the grant to them of a a lease (or sub-lease).

Applications which involve assignable contracts or irrevocable powers of attorney in favour of intervening sellers are not acceptable. You should also report any other structure to the transaction which has a similar effect.

If you consider that there are reasons for the use of
any of the above arrangements which mean the case is acceptable, you should report the details. We shall then consider whether or not it is acceptable.
The Mortgage Business, PO Box 548, Leeds, LS1 1WU
Fax No.0845 6039009

For remortgage applications (where the customer is already the registered proprietor of the property whether subject to an existing mortgage or not), the customer must have owned the property for at least six months. Where you have obtained evidence that the customer inherited the property following the death of the previous owner and provided you confirm this to us in writing, the preceding sentence will not apply.

Sub-sales, where the seller has owned the property for less than 6 months, and back to back transactions are not acceptable. We also regard as sub-sales cases where the seller acquires the freehold (or superior leasehold) title to the property, which they immediately sell on to the borrower by the grant to them of a a lease (or sub-lease).

Applications which involve ‘Assignable Contracts’, 'Fulfilment Contracts', 'Assisted Contracts', 'Assignment Contracts', 'Novation Contracts', 'Transferable Contracts' or irrevocable powers of attorney in favour of intervening sellers are not acceptable. You should also report any other structure to the transaction which has a similar effect.

Please report to us if
any Unilateral Notice is registered against the freehold title and relates to the security address.

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