Shared ownership conveyancing on a Basinghall Finance mortgage
What Basinghall Finance needs to see in a shared ownership lease before releasing funds.
- Topic
- Shared ownership conveyancing
- Jurisdiction
- England & Wales
- Handbook
- UK Finance · Part 1 & 2
Part 2 of the UK Finance Mortgage Lenders' Handbook is amended by lenders without notice. Check the current version before relying on any requirement described here.
What shared ownership conveyancing means here
Conveyancing on a part-buy, part-rent lease granted by a registered provider. The lease terms, the mortgagee protection provisions and the staircasing machinery are all matters lenders check before releasing funds.
Most of the delay on shared ownership conveyancing comes from establishing what the lender wants before anyone starts drafting. Getting that answer early is usually worth more than any amount of chasing later.
What has to be in place
Mortgagee protection
Lenders require the lease to contain mortgagee protection provisions. Their absence is the single most common reason a shared ownership lease is rejected.
Staircasing
How additional shares are bought, how they are valued, and whether the lease permits staircasing to 100% all affect the lender’s security and are reported on.
Rent on the retained share
The rent payable on the share still owned by the provider, and how it is reviewed, are part of the affordability the lender has assessed.
Provider consents
The registered provider’s consents and any pre-emption or nomination rights in the lease affect what can be done with the property later.
Where a lender’s instructions to your solicitor come from
A conveyancer acting on a mortgage is acting for two clients at once, and the lender’s half of the instructions is a published document: the UK Finance Mortgage Lenders’ Handbook. It is the reason your solicitor asks for things that seem to have nothing to do with you.
Part 1
The same for every lender
- The general instructions that apply across the industry: what has to be investigated, what has to be reported, and what the certificate of title commits the firm to.
- Changes rarely, and changes are published.
Part 2
Basinghall Finance’s own answers
- Where the lender sets its own position: what it accepts on indemnity policies, on new-build warranties, on occupiers and on much else.
- Amended by the lender without notice, which is why nothing on this site reproduces it.
Check the current version before relying on any requirement described anywhere, including here.
This site says which Part 2 question holds a lender-specific answer rather than reprinting the answer. A stale copy of a requirement, on a page someone acts on, is worse than no copy.
What to confirm with Basinghall Finance rather than assume
Part 2 of the Handbook carries each lender's own requirements and its overrides of Part 1, and it is amended without notice. These are the points where the answer is Basinghall Finance's rather than general practice:
- That the lease contains the mortgagee protection clause the lender requires
- Any lender requirement on minimum unexpired lease term
- Whether the lender requires the provider’s consent to the charge
We do not reproduce Part 2 here. It is lender-specific, it changes without notice, and a stale copy of it on a page a conveyancer relies on is worse than no copy at all. LM04 tracks those changes.
Acting on this lender’s instructions
Panel membership decides whether a firm can act at all. LenderPanel maintains the directory borrowers search when choosing a conveyancer, including for Basinghall Finance.