1.5 Freehold Estates - Acting for Lenders

Question 1

What are the Lenders’ requirements?

Answer 1

CML Lender’s Handbook

• General instructions
• FAQs
• Part 1 > ALL lenders
• Part 2 > Lender-specific responses => Common qs

Mortgage offer

• Transaction-specific instructions
• Lender commences (finance-based, deal with issues from survey)

Specific instructions

• Issues not covered in Handbook
• Issues uncovered during pre-contract investigations
• Specific requests for instructions > Lender
• Last minute delays

Question 2

What is required before the Lender releases a mortgage advance?

Answer 2

Solicitor provides Certificate of Title

• Property is good security (marketable title free from encumbrances)
• Otherwise false statement => Negligence