New build: getting the loan funds
Hopkins, A.
New build: getting the loan funds - 2004 - Journal of the Law Society of Scotland 49(7) July 2004, 54-55(2) .
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.
CONVEYANCING
NEW-BUILD HOUSES
MORTGAGES
WARRANTIES
BUILDING INSPECTIONS
New build: getting the loan funds - 2004 - Journal of the Law Society of Scotland 49(7) July 2004, 54-55(2) .
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.
CONVEYANCING
NEW-BUILD HOUSES
MORTGAGES
WARRANTIES
BUILDING INSPECTIONS