Change Date : 14/01/2014
Association: UK Finance
Jurisdiction: England and Wales
Index: v.2014 No.50


Policy changes relevant to
Yorkshire Building Society Solicitor Panel

5.7.1b- Does the lender lend on freehold flats? No, except if the property is in the Scarborough area and a conveyancer in that locality acts for us. No.
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. Yes, we require our security to be the leasehold flat to be occupied by the borrower, and for that security to have a separate leasehold title. Where the borrower also owns the freehold then our security should include the freehold title.
6.4.4- Does the lender require me to report incentives? Yes.

You must refer to
the Law Society's Mortgage Fraud Practice Note regarding allowances, incentives and discounts when considering this issue. A completed copy of the CML Disclosure of Incentives Form (the form) should be obtained in the circumstances where the property is to be occupied for the first time, or for the first time in its current form, for example, because of a renovation or conversion. You should send the form as soon as possible to whoever issued the offer/instructions even if it does not disclose any incentives. You must not submit your Certificate of Title unless you have previously sent us the form.
Yes, if the purchase price does not reflect the cashback, incentives or discount then we may have to reconsider the basis of our lending.

A completed copy of the CML Disclosure of Incentives Form (the form) should be obtained in the circumstances where the property is to be occupied for the first time, or for the first time in its current form, for example, because of a renovation or conversion. You should send the form as soon as possible to whoever issued the offer/instructions even if it does not disclose any incentives. You must not submit your Certificate of Title unless you have previously sent us the form.
6.4.5- If different from 1.11, contact point if we will not have control over the payment of all the purchase money: As 1.11a. You are reminded of the Law Society's Mortgage Fraud Practice Note regarding direct payments. As 1.11a.
6.8.1- If different from 1.11, contact point if no agreement and bond for an unadopted road or sewer: We do not insist on such agreement and bond being in place at completion nor on you making a retention and so we do not need to be made aware of such circumstances. You, however, should ensure all applicants are aware of their potential liability. We do not insist on any such agreement and bond being in place nor on you making a retention and so we do not need to be made aware of such circumstances. However, you should ensure all applicants are aware of their potential liability.

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