New build: getting the loan funds
Series: Journal of the Law Society of Scotland ; 49(7) July 2004, 54-55(2)Publication details: 2004Subject(s): Online resources: Summary: Describes an impending change in releasing loan funds for new build houses. The aim of the amendment is to reduce the risk of borrowers moving into unfinished new build properties. With effect from 30 August 2004, lenders will not release the mortgage funds for a new build property unless the borrower's conveyancer has received confirmation, in the form of a cover note, that the warranty provider has carried out a final/pre-handover inspection of the property and that a warranty will be provided. Copies of an example of a Council of Mortgage Lenders cover note can be found at www.cml.org.uk/handbook. Concludes the new procedure should improve standards, so that all parties are working together to achieve smooth implementation.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Journal article | London Journal article | ABS68090 (Browse shelf(Opens below)) | 1 | Available | 127123-1001 |
Describes an impending change in releasing loan funds for new build houses. The aim of the amendment is to reduce the risk of borrowers moving into unfinished new build properties. With effect from 30 August 2004, lenders will not release the mortgage funds for a new build property unless the borrower's conveyancer has received confirmation, in the form of a cover note, that the warranty provider has carried out a final/pre-handover inspection of the property and that a warranty will be provided. Copies of an example of a Council of Mortgage Lenders cover note can be found at www.cml.org.uk/handbook. Concludes the new procedure should improve standards, so that all parties are working together to achieve smooth implementation.