Change Date : 18/11/2016
Association: UK Finance
Jurisdiction: England and Wales
Index: v.2016 No.589


Policy changes relevant to
Bank of Ireland Solicitor Panel

Updated 16/11/2016 18/11/2016
1.14- May your firm act if the person dealing with the transaction or a member of his immediate family is the seller? Yes, providing that your firm is a partnership and the transaction is dealt with by a partner who is not related to the seller. Otherwise, your firm may not act in these circumstances. Yes, provided that the separate fee earner dealing with the transaction for the lender is of no less standing within the firm and is not the seller or related to the seller. Otherwise, your firm may not act in these circumstances.
1.15- May your firm act if the person dealing with the transaction or a member of his immediate family is the borrower? Yes, providing that your firm is a partnership and the transaction is dealt with by a partner who is not related to the borrower. Otherwise your firm may not act in these circumstances. Yes, provided that the separate fee earner dealing with the transaction for the lender is of no less standing within the firm and is not the borrower or related to the borrower. Otherwise, your firm may not act in these circumstances.
4.1- Is there a valuation report and if so, does the lender provide it? Providing we have instructed a Valuer to carry out a physical inspection of the property a valuation report will be obtained.

If obtained, a
copy of the valuation report will be provided.
If we instruct a Valuer to carry out a physical inspection of the property then a copy of the valuation report obtained will be provided.
5.4.6- Does the lender accept search insurance and, if yes, what are the lender's specific requirements? For remortgage transactions only, of up to and including £1 million, we do not require the Solicitor to make a Local Authority search or to effect local search insurance. Instead we shall take out a local search indemnity policy at our own expense. We will be the sole named insured on the policy. The Solicitor is also not required to carry out any mining, Cheshire Brine or commons registration searches on our behalf for remortgages up to £1 million. However, we recommend these are undertaken, where appropriate, if not previously carried out on behalf of the applicant(s).

For purchases, only if the local search obtained for the transaction is no more than six months old and you are satisfied that the insurance policy adequately protects us.
For remortgage transactions only, of up to and including £1 million, we do not require the Solicitor to make a Local Authority search or to effect local search insurance. Instead we shall take out a local search indemnity policy at our own expense. We will be the sole named insured on the policy. The Solicitor is also not required to carry out any mining, Cheshire Brine or commons registration searches on our behalf for remortgages up to £1 million. However, we recommend these are undertaken, where appropriate, if not previously carried out on behalf of the applicant(s).

For purchases, only if the local search obtained for the transaction is now more than six months old and you are satisfied that the insurance policy adequately protects us.
5.8.1- Does the lender accept security which comprises a building converted into not more than four flats where the borrower occupies one of those flats and the borrower or another flat owner also owns the freehold of the building and the other flats are subject to long leases? Yes, we require a first charge on the freehold if it is wholly owned by the borrower. Yes, we require a first charge on the freehold if it is wholly owned by the borrower, even if the principal security is a leasehold title.
5.14.11- Does the lender accept indemnity insurance where the terms of the lease are unsatisfactory? Yes, subject to 5.14.2 & 5.14.3 of Part 1 and provided any defects with the lease are those normally covered by indemnity insurance where a Deed of Variation is not possible. Yes, subject to 5.14.2 & 5.14.3 of Part 1, provided the lease defects are those normally covered by indemnity insurance where a Deed of Variation is not possible.
6.6.4- Does the lender lend where the property comes within the definition of a house in multiple occupation? If yes, what are your requirements? No. We will not lend if the property is a HMO and one or more of the following apply:
1. The property is occupied by five or more adult persons.
2. There is more than one tenancy agreement in place.
3. The property is subject to mandatory or additional licensing by the local authority.
We will accept properties that are subject to selective licensing by the local authority but not if any of points 1 to 3 also apply.
6.10.2- Who will the lender release any retentions (or instalments of the advance) to? Normally to you, the Conveyancer. However, if you have already submitted the title deeds to us then we will release any retention directly to the borrower. We no longer make retentions from the advance.

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