Virgin changed 86 Part 2 answers

1. 1.7Contact point to see if the lender will lend when borrower and mortgagor are not one and the same.
2. 1.11aContact point for standard documents.
3. 1.11bContact point if standard documents are inappropriate.
4. 1.14May your firm act if the person dealing with the transaction or a member of his immediate family is the seller?
5. 1.15May your firm act if the person dealing with the transaction or a member of his immediate family is the borrower?
6. 3.1.3Does the lender require notification of the name and address of the solicitors firm or licensed conveyancers firm acting for the seller?
7. 3.1.4If different from 1.11, contact details if the lender needs to be notified when the seller does not have legal representation.
8. 3.2.3Does the lender require notification of the name and address of the solicitors firm or licensed conveyancers firm acting for the seller?
9. 3.2.4If different from 1.11, contact details if the lender needs to be notified when the seller does not have legal representation.
10. 4.1Is there a valuation report and if so, does the lender provide it?
11. 4.3If different from 1.11, contact point if assumptions stated by the valuer are incorrect.
12. 4.5aIf different from 1.11, contact point if re-inspection required.
13. 4.5bWhere should the certificate of title be sent?
14. 5.1.1If different from 1.11, the contact point if the seller has owned the property for less than 6 months
15. 5.2.1If 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
16. 5.5.3aIf different from 1.11, contact point for reporting if evidence of breach and all outstanding conditions will not be satisfied by completion
17. 5.5.4If different from 1.11, contact point if the property is subject to restrictions which may affect its value or marketability.
18. 5.7.1aDoes the lender lend on flying freeholds?
19. 5.7.1bDoes the lender lend on freehold flats?
20. 5.7.1c If 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?
21. 5.8.1Does 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?
22. 5.8.5 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?
23. 5.9.1Does the lender lend on commonhold?
24. 5.10.1If different from 1.11, contact point if there is a restriction on use.
25. 5.13.1If different from 1.11, contact point if borrower is not providing balance of purchase price from funds/proposing to give second charge.
26. 5.14.1What minimum unexpired lease term does the lender accept?
27. 5.14.9If different from 1.11, contact point for matters connected with the lease
28. 5.14.10If different from 1.11, contact for service charge matters
29. 5.14.11Does the lender accept indemnity insurance where the terms of the lease are unsatisfactory?
30. 5.14.13Does the lender require a receipted copy of notice or evidence of service to be sent to you?
31. 5.14.15aIf different from 1.11, contact point if there is an absentee/insolvent landlord
32. 5.14.15bDoes the lender accept indemnity insurance if the landlord is absent or insolvent?
33. 5.15.2aIf different from 1.11, contact point if there are apparent problems with the management company
34. 5.16.2If different from 1.11, contact point if unable to certify search entry does not relate
35. 5.17.5aDoes the lender need to be sent the power of attorney?
36. 5.17.5bDoes the lender need to be sent the statutory declaration of non-revocation of power of attorney?
37. 5.19.1If different from 1.11, contact point for lending on affordable housing, shared equity and shared ownership and where relevant your requirements
38. 5.20.1Does 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?
39. 5.20.3Does the lender have additional requirements relating to leases of roof space for solar PV panels, and if so, what are they?
40. 5.20.4Does the lender require you to disclose the details of any existing Green Deal Plan(s) on a property?
41. 6.1.3If different from 1.11, contact point if borrower is not taking up the mortgage offer
42. 6.2.1If different from 1.11, contact if any discrepancies in property's description
43. 6.3.1If different from 1.11, contact point for any issues relating to purchase price
44. 6.4.4Does the lender require me to report incentives?
45. 6.4.5If different from 1.11, contact point if we will not have control over the payment of all the purchase money
46. 6.5.1If different from 1.11, contact point if vacant possession is not being given
47. 6.6.1If different from 1.11, contact point if property is let/to be let and to check you lend on buy-to-let
48. 6.6.2If different from 1.11, contact point when you do not have details of current letting or letting to take place at completion
49. 6.7.2What new home warranty documentation should be sent to the lender?
50. 6.7.3Should any assignments of building standards indemnity schemes be sent to us?
51. 6.7.4Will the lender proceed if the property does not have the benefit of a new home warranty scheme?
52. 6.7.6Does the lender need to be sent the professional consultant's certificate?
53. 6.8.1If different from 1.11, contact point if no agreement and bond for an unadopted road or sewer
54. 6.9.1If different from 1.11, contact point if necessary easements are absent
55. 6.10.2Who will the lender release any retentions (or instalments of the advance) to?
56. 6.11.1If different from 1.11, contact point if property is affected by redevelopment or road proposals
57. 6.12.1If different from 1.11, contact point if pre-emption rights, resale restrictions, options etc will affect the lender's security
58. 6.13.1If different from 1.11, contact point if property is affected by improvement/repair grant which will not be discharged
59. 7.3Does the lender require a consent to mortgage from all occupants aged 17 or over?
60. 7.4If different from 1.11, contact point if doubts about accuracy of information disclosed
61. 8.1Does the lender allow me to advise any of the specified third parties?
62. 9.1Does the lender need to be sent the indemnity insurance policy?
63. 9.2What limit of indemnity insurance does the lender require?
64. 10.2aWill the mortgage advance be paid electronically or by cheque?
65. 10.2bWhat is the minimum number of days notice lenders require?
66. 10.7On a delayed completion, when and how is advance to be returned?
67. 10.9If different from 1.11, contact point if completion is delayed?
68. 10.11What, if any interest does the lender charge if return of the advance is delayed?
69. 12.3.1If different from 1.11, contact point for release of retentions/mortgage advance instalments
70. 14.1.5Does the lender need to be sent the original mortgage deed and/or any other original title documents?
71. 14.2.1Where should the title deeds and documents be sent?
72. 14.2.2Which documents must I send after completion?
73. 16.1.1If different from 1.11, contact point for title documents
74. 16.3.1Does the lender have a standard form of transfer/deed of covenant?
75. 16.3.2If different from 1.11, contact point for finding out the debt amount
76. 16.3.4Does the lender need to be sent the transfer of equity?
77. 16.3.7aIf different from 1.11, contact point for obtaining execution of transfer equity
78. 16.4.1If different from 1.11, contact point for application for consent to letting
79. 16.5.2If different from 1.11, contact point for confirming proposed deed or agreement will not adversely affect the lender
80. 16.5.3aWhere should the deed of variation be sent?
81. 16.5.3bWhere should the deed of rectification be sent?
82. 16.5.3cWhere should the deed of easement be sent?
83. 16.5.3dWhere should the option agreements be sent?
84. 17.1.1If different from 1.11, contact point for redemption statements
85. 17.2.1aWhere do you send the discharge and repayment remittance?
86. 17.2.1bDoes the lender send the discharge via a DS 1 form or direct with the Land Registry?

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