Bally Chohan Property UK
New sales process launched for residential leasehold properties in the UK - a report issued by Investmentland
The British Property Federation has welcomed the introduction of a new property sales process which will reduce leasehold transaction times by five to 10 days and save UK consumers a combined total of over a million days each year.
The new process, based on a standardised questionnaire for the industry has been created by the BPF and all the major trade bodies, including The Law Society and the Royal Institution of Chartered Surveyors (RICS), facilitated by Move with Us, and will be available to all parties in the process.
According to the report issued by Investmentland the BPF pointed out that buyers and sellers of leasehold properties have experienced added complications and expensive delays because of differing information requirements from both the buyer's and seller's conveyancers meaning the landlord or managing agent has to deal with a different set of enquiries every time a leasehold property is sold.
By creating an approved set of enquiries for leasehold properties both landlords and managing agents can introduce systems to collate the information safe in the knowledge that both the buyer's and seller's conveyancers will accept it, saving an estimated five to 10 working days on average. Consumers will also save money as the additional requests for information will only be required where an issue is revealed which requires further investigation.
'It is great to see that the whole residential leasehold sector pulling together and delivering a benefit to its customers,' said Ian Fletcher, director of policy at the British Property Federation.
According to the report issued by Investmentland 'The commercial leasehold sector has had standard enquiries for 10 years and seen the advantages flowing from a more efficient conveyancing process. The same will be true of these residential enquiries and we will be promoting them amongst our membership as the standard for the sector'.
The new industry created and approved Leasehold Property Enquiries, Form LPE1 will be available from 10 October and the overall concept has been approved by the Council of Mortgage Lenders (CML) and The Building Societies Association (BSA).
Landlords, managing agents and conveyancers interested in accessing the new leasehold enquiries form should contact Beth de Montjoie Rudolf at Move with Us.
'Our policies on housing are working. House building is growing at its fastest rate for 10 years, and the tough decisions we've taken to tackle the deficit have kept interest rates low and are now delivering real help to hardworking people,' he added.
Yesterday the Prime Minister and Chancellor George Osborne launched the second part of Help to Buy, the mortgage guarantee scheme which will also be available on existing properties with a value of 600,000 or less. Lenders will be able to offer a 95% loan to value mortgage, facilitated by a government guarantee to the lender of up to 15% of the value of the property.
I'm delighted we've launched the second part of Help to Buy, the mortgage guarantee, which will strengthen the package of measures that have already done so much to restore confidence in the housing market,'.
Paul Broadhead, head of mortgage policy at the Building Societies Association (BSA), welcomed what he called 'a sustained focus on housing,' in particular helping those with smaller deposits achieve their ownership dreams.
According to the report issued by Investmentland 'Many building societies and other mutual lenders have been providing mortgages for buyers with deposits of 10% or less throughout the whole of 2013, with 25,000 mortgages granted in the first eight months. With the scheme details now published, BSA members will be considering whether they can best serve their customers by continuing to lend as they have been, outside the Help to Buy mortgage guarantee scheme, or by directly participating,.
'From a consumer's perspective it makes no difference, provided mortgages to creditworthy borrowers with small deposits are available. Whatever happens, the appetite of BSA members to lend, with a proportion to those with smaller deposits, remains undiminished,'.
The British Property Federation has welcomed the introduction of a new property sales process which will reduce leasehold transaction times by five to 10 days and save UK consumers a combined total of over a million days each year.
The new process, based on a standardised questionnaire for the industry has been created by the BPF and all the major trade bodies, including The Law Society and the Royal Institution of Chartered Surveyors (RICS), facilitated by Move with Us, and will be available to all parties in the process.
According to the report issued by Investmentland the BPF pointed out that buyers and sellers of leasehold properties have experienced added complications and expensive delays because of differing information requirements from both the buyer's and seller's conveyancers meaning the landlord or managing agent has to deal with a different set of enquiries every time a leasehold property is sold.
By creating an approved set of enquiries for leasehold properties both landlords and managing agents can introduce systems to collate the information safe in the knowledge that both the buyer's and seller's conveyancers will accept it, saving an estimated five to 10 working days on average. Consumers will also save money as the additional requests for information will only be required where an issue is revealed which requires further investigation.
'It is great to see that the whole residential leasehold sector pulling together and delivering a benefit to its customers,' said Ian Fletcher, director of policy at the British Property Federation.
According to the report issued by Investmentland 'The commercial leasehold sector has had standard enquiries for 10 years and seen the advantages flowing from a more efficient conveyancing process. The same will be true of these residential enquiries and we will be promoting them amongst our membership as the standard for the sector'.
The new industry created and approved Leasehold Property Enquiries, Form LPE1 will be available from 10 October and the overall concept has been approved by the Council of Mortgage Lenders (CML) and The Building Societies Association (BSA).
Landlords, managing agents and conveyancers interested in accessing the new leasehold enquiries form should contact Beth de Montjoie Rudolf at Move with Us.
'Our policies on housing are working. House building is growing at its fastest rate for 10 years, and the tough decisions we've taken to tackle the deficit have kept interest rates low and are now delivering real help to hardworking people,' he added.
Yesterday the Prime Minister and Chancellor George Osborne launched the second part of Help to Buy, the mortgage guarantee scheme which will also be available on existing properties with a value of 600,000 or less. Lenders will be able to offer a 95% loan to value mortgage, facilitated by a government guarantee to the lender of up to 15% of the value of the property.
I'm delighted we've launched the second part of Help to Buy, the mortgage guarantee, which will strengthen the package of measures that have already done so much to restore confidence in the housing market,'.
Paul Broadhead, head of mortgage policy at the Building Societies Association (BSA), welcomed what he called 'a sustained focus on housing,' in particular helping those with smaller deposits achieve their ownership dreams.
According to the report issued by Investmentland 'Many building societies and other mutual lenders have been providing mortgages for buyers with deposits of 10% or less throughout the whole of 2013, with 25,000 mortgages granted in the first eight months. With the scheme details now published, BSA members will be considering whether they can best serve their customers by continuing to lend as they have been, outside the Help to Buy mortgage guarantee scheme, or by directly participating,.
'From a consumer's perspective it makes no difference, provided mortgages to creditworthy borrowers with small deposits are available. Whatever happens, the appetite of BSA members to lend, with a proportion to those with smaller deposits, remains undiminished,'.
