Policy Change for State Bank of India UK Solicitor Panel
Change Date: 13/10/2023
Association: UK Finance
Jurisdiction: England and Wales
Index: v.2023 No.1062
Policy changes relevant to
State Bank of India UK
Solicitor Panel
| Updated |
|
13/10/2023 |
| 1.11a- Contact point for standard documents. |
|
1.11a Contact point for standard documents. State Bank of India, New Lending Team, PO Box 1018, Ipswich, Suffolk, IP1 9WJ. Email: newlending.originations@bcmglobal.com |
| 5.4.4- Does the lender want to receive environmental or contaminated land reports? |
Only in cases where future enquiries are recommended in the
report or where the valuer asks in his/her valuation report
for enquiries to be made or the Local Land Charge Search
result indicates that the land is listed in the contaminated
land |
Only in cases where future enquiries are recommended in the report or where the valuer asks in his/her valuation report for enquiries to be made or the Local Land Charge Search result indicates that the land is listed in the contaminated land register. Where one is required, you should be satisfied that it confirms no risk to us and that it is retained for information. Please also note that SBI UK may obtain cover for this on a search indemnity basis. |
| 5.4.6- Does the lender accept search insurance and, if yes, what are the lender's specific requirements? |
For Remortgage Transactions - Yes (subject - - That the solicitor arranges the policy at their own risk - That the search insurance fully protects State Bank of India - The sum insured by the policy is at least equal to the mortgage advance (whichever is higher) - All other conditions set out by the State Bank of India are met - Not acceptable for Houses in Multiple Occupation If |
The Search insurance is only accepted for remortgaging
single self-contained properties subject to the
following conditions below: - That the solicitor can state that the title is good and marketable and can provide an unqualified Certificate of Title - That the solicitor arranges the policy at their own risk - That the search insurance fully protects State Bank of India - The sum insured by the policy is at least equal to the mortgage advance (whichever is higher) - All other conditions set out by the State Bank of India are met - Not acceptable for Houses in Multiple Occupation (HMO), Multiunit freehold block and unencumbered properties. If you have any questions, please refer to the lender as per section 1.11a |
| 5.5.3b- Does the lender require an original/copy of the planning permission? |
Yes. Please |
Yes. Please retain the original/copy on your file. |
| 5.5.3c- Does the lender require an original/copy of the building regulation consents? |
Yes. Please |
Yes. Please retain the original/copy on your file. |
| 5.5.3d- Does the lender require certificates of lawful use or development/established use certificate? |
Yes. Please |
Yes. Please retain the original/copy on your file. |
| 5.7.1a- Does the lender lend on flying freeholds? |
|
Yes. Subject to the flying freehold being no more than 15% of the property and to the property, including the flying freehold, being approved by us. |
| 5.7.1c- If the lender is prepared to accept a title falling within 5.7 and the property is a freehold flat or flying freehold, to which contact point must this be reported? |
|
If the property is a freehold flat, this is not applicable as we do not lend on freehold flats; in relation to 5.7.1a, see 1.11a |
| 5.14.15a- If different from 1.11, contact point if there is an absentee/insolvent landlord: |
|
Yes, please refer it to newlending.originations@bcmglobal.com (1.11a) |
| 5.14.17a- Does the lender want any documentation sent to them? | [ Original answer is blank ] | We will require all the original legal documents sent to us within 10 working days of completion. |
| 5.17.5a- Does the lender need to be sent the power of attorney? | A power of attorney must not be used for the execution of our documentation. | A power of attorney must not be used for the execution of our documentation. Where other documents have been executed under a power of attorney, this should be sent to us after completion. |
| 6.7.1- What new home warranty schemes are acceptable to the lender? |
Please SBI will not accept applications for new build properties 1) Zurich 10 2) 3) LABC For Self Build Properties (LABC 4) Building Life Plans Limited 5) Q Policy 6) Protek |
Please note that a minimum property
reinstatement value is required. The acceptable
schemes are listed below: ARK ACHI Limited/Advantage HCI Limited AEDIS/Home Proof Structural Warranties BLP New Build Warranty Scheme Build - Zone Checkmate UK Global Homes ICW (International Construction Warranties) LABC NHBC Premier Guarantee, the certificate must contain no reservations. Protek Q Policy (new build) Zurich Municipal Please refer to us for any other warranty provider as per section 1.11a |
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