Kent Reliance (a trading name of OneSavings Bank plc)

Transcription

1 Kent Reliance (a trading name of OneSavings Bank plc) < Back to handbook selection Part 1: England and Wales Last modified: 01/07/2017 Part 2: Kent Reliance (a trading name of OneSavings Bank plc) Last modified: 08/11/2018 Print PDF Part 2 only 1.7 Contact point to see if the lender will lend when borrower and mortgagor are not one and the same. We do not lend in this circumstance. 1.11aContact point for standard documents. Issuing office 1.11bContact point if standard documents are inappropriate. Issuing office 1.14 May your firm act if the person dealing with the transaction or a member of his immediate family is the seller? We do not agree that your firm can act in these situations 1.15 May your firm act if the person dealing with the transaction or a member of his immediate family is the borrower? We do not agree that your firm can act in these situations

2 3.1.3 Does the lender require notification of the name and address of the solicitors firm or licensed conveyancers firm acting for the seller? but you should ensure they are registered with their regulatory body and maintain current practising certificates If different from 1.11, contact details if the lender needs to be notified when the seller does not have legal representation. We need to be notified of any cases where the seller is not represented or where you cannot satisfy yourselves with the checks carried out on the seller's appointed representative What other documents are acceptable for verifying identity? LIST A 1. Signed Employers Photo ID card, provided the employer is known to the conveyancer 2. Debit/cheque guarantee card (UK issued) together with original account statement, less than 3 months old LIST B 1. Inland Revenue tice of Tax Code (less than 3 months old) 2. Residence Permit issued by teh Home Office to EU Nationals 3. Subcontractors Tax Certificate (must be accompanied by an IR tice of Assessment Does the lender require notification of the name and address of the solicitors firm or licensed conveyancers firm acting for the seller? but you should ensure they are registered with their regulatory body and maintain current practising certificates If different from 1.11, contact details if the lender needs to be notified when the seller does not have legal representation. 4.1 Is there a valuation report and if so, does the lender provide it? Yes, sent with the mortgage offer 4.3 If different from 1.11, contact point if assumptions stated by the valuer are incorrect.view all answers to this 4.5aIf different from 1.11, contact point if re-inspection required. 4.5bWhere should the certificate of title be sent? Issuing office If different from 1.11, the contact point if the seller has owned the property for less than 6 months: Issuing office.

3 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 then immediately sell on to the borrower by the grant to them of 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 different from 1.11, the contact point if the seller is not the owner or registered proprietor and is not listed in the exceptions above: Issuing office We will not lend where there is a sub-sale or back to back transaction or one where the contract for sale is to be assigned to a third party Does the lender want to receive environmental or contaminated land reports? simply advise us of entries revealed in the local authority or other searches relating to contamination. We will require you to refer to us if the environmental search results indicate that the property is in close proximity to the HS2 rail route Does the lender accept personal searches and, if yes, what are the lender's requirements? Personal Searches are acceptable provided the search firm subscribes to the Search Code as monitored and regulated by the Property Codes Compliance Board and provided that an unqualified Certificate of Title is provided Does the lender accept search insurance and, if yes, what are the lender's specific requirements? Yes, for re-mortgages only. You must ensure the search insurance adequately protects us and certify that the title is good and marketable aIf different from 1.11, contact point for reporting if evidence of breach and all outstanding conditions will not be satisfied by completion: 5.5.3bDoes the lender require an original/copy of the planning permission?, borrower to retain but you should retain a copy on your file 5.5.3cDoes the lender require an original/copy of the building regulation consents?, borrower to retain but you should retain a copy on your file 5.5.3dDoes the lender require certificates of lawful use or development/established use certificate?

4 , borrower to retain but you should retain a copy on your file If different from 1.11, contact point if the property is subject to restrictions which may affect its value or marketability aDoes the lender lend on flying freeholds? Yes where only part of the subject property is affected. The requirements in part 1 paragraphs must be adhered 5.7.1bDoes the lender lend on freehold flats? 5.7.1cIf 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? Provided only part of the subject property is affected by a flying freehold and the requirements of part 1 paragraphs are adhered to there is no requirement to report 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 subject to the freehold being charged to the Bank if the borrower is the freeholder or to completion of a stock transfer form in escrow where the borrower will be a shareholder in a company owning the freehold Does the lender accept security which comprises one of two leasehold flats in a building where the borrower also owns the freehold reversion of the other flat and the other leaseholder owns the freehold reversion in the borrower's flat? If so, are there any specific requirements? Yes - We require the borrowers leasehold interest in the flat they occupy to be charged and we also require a charge over the borrowers freehold interest in the other flat subject to the lease in favour of its occupier - see 5.14 for our requirements for leasehold securities generally Does the lender lend on commonhold? If different from 1.11, contact point if there is a restriction on use If different from 1.11, contact point if borrower is not providing balance of purchase price from funds/proposing to give second charge What minimum unexpired lease term does the lender accept? A minimum of 50 years must remain at the end of the mortgage term

5 If different from 1.11, contact point for matters connected with the lease:view all answers to this If different from 1.11, contact for service charge matters: Does the lender accept indemnity insurance where the terms of the lease are unsatisfactory? Yes, but only if it covers the specific defect and also meets the requirements in paragraphs 9.1 and 9.2 of Part Does the lender require a clear ground rent/service charge receipt to be sent to you? but you must ensure ground rent and service charges are paid up to date at completion Does the lender require a receipted copy of notice or evidence of service to be sent to you? but notice must be served irrespective of the provisions in the lease aIf different from 1.11, contact point if there is an absentee/insolvent landlord: We only lend if (a) there are 6 or less flats in the building and (b) appropriate indemnity insurance covering the issue is in place bDoes the lender accept indemnity insurance if the landlord is absent or insolvent? We only lend if (a) there are 6 or less flats in the building and (b) appropriate indemnity insurance covering the issue is in place aIf different from 1.11, contact point if there are apparent problems with the management company:view all answers to this bDoes the lender need to be sent the management company share certificate? cDoes the lender need to be sent the signed blank stock transfer form? Yes dDoes the lender need to be sent the management company's memorandum and articles of association?, but you must ensure that these documents contain no restriction on transfer of ownership If different from 1.11, contact point if unable to certify search entry does not relate:view all answers to

6 this aDoes the lender need to be sent the power of attorney?, but you should retain on your file bDoes the lender need to be sent the statutory declaration of non-revocation of power of attorney?, but you should retain on your file If different from 1.11, contact point for lending on affordable housing, shared equity and shared ownership and where relevant your requirements: Does the lender require me to report to them where the lease does not meet the UK Finance minimum requirements for leases of roof space for solar PV panels? Yes, together with your advice on how the Bank should proceed although you should take no further steps until we revert to you Does the lender have additional requirements relating to leases of roof space for solar PV panels, and if so, what are they? The minimum CML requirements must be met. In addition, the lease must provide a valid mortgagee break clause which can be exercised on possession. The costs of removing the Solar PV Panels and making good any damage on exercise of the break clause must be the responsibility of the Solar PV Panels provider Does the lender require you to disclose the details of any existing Green Deal Plan(s) on a property? If different from 1.11, contact point if borrower is not taking up the mortgage offer:view all answers to this If different from 1.11, contact if any discrepancies in property's description:view all answers to this If different from 1.11, contact point for any issues relating to purchase price:view all answers to this Does the lender require me to report incentives? Yes - please specify the nature and amount of any incentives. action should be taken until we revert to you. If the case is an equity share, please also report to us if it becomes apparent that the source of deposit is not a family gift and/or from the applicants' own resources If different from 1.11, contact point if we will not have control over the payment of all the purchase money: If different from 1.11, contact point if vacant possession is not being given:

7 We will not lend where there is an existing tenancy unless it is clear from the mortgage offer that the property is let or to be let at completion If different from 1.11, contact point if property is let/to be let and to check you lend on buy-to-let:view all answers to this If different from 1.11, contact point when you do not have details of current letting or letting to take place at completion: Does the lender require counterpart/certified copy tenancy agreement to be sent to you? but only Assured Shorthold Tenancy Agreements are acceptable Does the lender lend where the property comes within the definition of a house in multiple occupation? If yes, what are your requirements? Please refer to special conditions in the mortgage offer. If there is no special condition applicable to the circumstances please report the position to us and wait for further instructions What new home warranty schemes are acceptable to the lender? NHBC Building Life Plan Premium Guarantee Scheme Checkmate Castle 10 LABC New Home Warranty Build-Zone Structural Warranty Zurich Municipal CRL (save for Alpha Insurance backed policies) What new home warranty documentation should be sent to the lender? Lenders copy only Should any assignments of building standards indemnity schemes be sent to us? borrower to retain Will the lender proceed if the property does not have the benefit of a new home warranty scheme? Yes subject to receipt of a satisfactory Professional Consultant's Certificate with proof of Professional Indemnity Insurance Does the lender need to be sent the professional consultant's certificate?, but you should retain on your file.

8 6.8.1 If different from 1.11, contact point if no agreement and bond for an unadopted road or sewer:view all answers to this If different from 1.11, contact point if necessary easements are absent: Providing suitable indemnity insurance is in place on completion there is no requirement to advise us. Record policy details on Certificate of Title (see 9 below) Who will the lender release any retentions (or instalments of the advance) to? Borrower(s) If different from 1.11, contact point if property is affected by redevelopment or road proposals:view all answers to this If different from 1.11, contact point if pre-emption rights, resale restrictions, options etc will affect the lender's security: If different from 1.11, contact point if property is affected by improvement/repair grant which will not be discharged: 7.3 Does the lender require a consent to mortgage from all occupants aged 17 or over? Yes, unless the mortgage is expressed to be a Buy to Let arrangement. 7.4 If different from 1.11, contact point if doubts about accuracy of information disclosed:view all answers to this 8.1 Does the lender allow me to advise any of the specified third parties?, they must receive independent legal advice 9.1 Does the lender need to be sent the indemnity insurance policy? include Insurance Company and Policy on Certificate of Title. Borrower to retain policy document 9.2 What limit of indemnity insurance does the lender require? Higher of the purchase price, or valuation amount if a remortgage, or 120% of the advance 10.2aWill the mortgage advance be paid electronically or by cheque? Electronically by CHAPS unless advised otherwise 10.2bWhat is the minimum number of days notice lenders require?

9 5 working days 10.3 What are the standard deductions made from the mortgage advance? CHAPS fee Unpaid admin fees unpaid product fee 10.7 On a delayed completion, when and how is advance to be returned? within 5 working days by method received 10.9 If different from 1.11, contact point if completion is delayed? How long can you hold the mortgage advance before returning it? 5 working days unless authorised otherwise What, if any interest does the lender charge if return of the advance is delayed? Interest will be charged from the date notified on the Certificate of Title as the completion date at the interest rate provided for in the offer If different from 1.11, contact point for release of retentions/mortgage advance instalments:view all answers to this Does the lender require me to make a form CH2 application? Does the lender need to be sent the original mortgage deed and/or any other original title documents?, but you should retain on your file Where should the title deeds and documents be sent? Within 28 days of completion you should send, in an electronic format to generaldespatcher@krbs.com. the following documentation: A copy of the legal charge as executed by the borrowers; Evidence that registration at Companies House (where appropriate) has been completed within the time permitted by legislation; Evidence that the charge has been registered at HM Land Registry; NHBC documentation/guarantee or appropriate alternative where applicable; Any guarantees given by third parties including guarantees to secure performance with the terms of the loan

10 (personal guarantees); tice of assignment/charge served on any landlord where the security comprises leasehold property; Landlord s Undertaking where the security comprises leasehold/shared ownership; Title Indemnity Insurance where applicable; Consent and Undertaking forms of any occupiers; Lease/sublease together with receipted freeholder s notice and share certificate in borrower s name where appropriate; Any documentation that is specifically required in any special conditions referred to in the mortgage Offer Which documents must I send after completion? Only executed stock transfer form referred to at is required. All other documents should be retained on your file If different from 1.11, contact point for title documents: Does the lender have a standard form of transfer/deed of covenant? If different from 1.11, contact point for finding out the debt amount: Does the lender need to be sent the transfer of equity? Yes aIf different from 1.11, contact point for obtaining execution of transfer equity:view all answers to this bWhat form of attestation clause does the lender use? Signed on behalf of OneSavings Bank plc Acting by its *Director / *Attorney (please delete as appropriate) in the presence of: Witness Name: Witness Address: Witness Occupation: If different from 1.11, contact point for application for consent to letting: Does the lender need to be sent a copy of the proposed tenancy? If different from 1.11, contact point for confirming proposed deed or agreement will not adversely affect the lender:

11 16.5.3aWhere should the deed of variation be sent? PO BOX 600 Chatham ME4 9DW bWhere should the deed of rectification be sent? Lending Department. See address at a cWhere should the deed of easement be sent? Lending Department. See address at a dWhere should the option agreements be sent? Lending Department. See address at a If different from 1.11, contact point for redemption statements: Lending Department. See address at a aWhere do you send the discharge and repayment remittance? Lending Department. See address at a bDoes the lender send the discharge via a DS 1 form or direct with the Land Registry? Direct with the Land Registry