Lenders' Handbook for England and Wales Part 2 JPMorgan

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Lenders' Handbook for England and Wales Part 2 JPMorgan Powered By Docstoc
					Lenders' Handbook for England and Wales
Part 2: JPMorgan Chase Bank, N.A.
Last Updated: 13/06/2008

1.7- Contact point to see if you will lend when       We will not lend in these circumstances
borrower and mortgagor are not one and the
same.

1.11- Contact point for standard documents.           Refer to office issuing Mortgage Instructions
1.11- Contact point if standard documents are         Refer to office issuing Mortgage Instructions
inappropriate.

1.13.2- May my firm act if the person dealing with    No
the transaction or a member of his immediate
family is the seller?

1.14- May my firm act if the person dealing with      No
the transaction or a member of his immediate
family is the borrower?

A3.2- Contact details if you need to be notified      Refer to office issuing Mortgage Instructions
when the seller does not have legal
representation.

A3.3- What other documents are acceptable for         See insert with Mortgage Instructions
verifying indentity?

B3.2- Contact details if you need to be notified      Refer to office issuing Mortgage Instructions
when the seller does not have legal
representation.

4.1.1- Is there a valuation report?                   Yes, this forms part of your Mortgage Instructions
                                                      unless stated otherwise
4.1.1- If so do you provide it?                       Yes

4.1.3- Contact point if assumption stated by the      Refer to office issuing Mortgage Instructions
valuer are incorrect.

4.2- Contact point if re-inspection required.         Refer to office issuing Mortgage Instructions
4.2- Where should the certificate of title be sent?   The office issuing Mortgage Instructions

5.1.1- Contact point if the seller has owned the      Refer to office issuing Mortgage Instructions
property for less than 6 months.

5.2.4- Do you want to receive environmental or        No
contaminated land reports?

5.2.5.1- Do you accept personal searches?             No
- all personal searches without limitations           N/A
- only personal searches carried out by firms         N/A
registerd under particular codes of practice
- If "yes", please specify which code(s)               N/A
- No                                                   No

5.2.5.2- Do you accept search insurance, if so         No
what are your requirements?

5.3.1- Do you limit your requirements in terms of
time for:
- planning consents?                                   Refer to office issuing Mortgage Instructions
- building regulation consents?                        Refer to office issuing Mortgage Instructions
If so please specify your requirements                 N/A

5.3.4- Contact point for reporting if evidence of      Refer to office issuing Mortgage Instructions
breach and all outstanding conditions will not be
satisfied by completion.
5.3.4- Do you require the following documents to
be sent to you:
- original copy/planning permission?                   Yes - placed with deeds
- original copy/building regulation consents?          Yes - placed with deeds
- certificates of lawful use or                        Yes - placed with deeds
development/established use certificate?

5.3.5- Contact point if the property is subject to     Refer to office issuing Mortgage Instructions
restrictions which may affect its value or
marketability.

5.5.1- Do you lend on flying freeholds?                No
5.5.1- Do you lend on freehold flats?                  No


5.5.2.1- Contact point of the property comprises a N/A
flying freehold/freehold flat.

5.5.3- Do you lend in these circumstances?             NO


5.5.4.2- Do you lend in these circumstances?           NO


5.5.5- Do you lend on commonhold?                      No


5.6- Contact point if there is a restriction on use.   Refer to office issuing Mortgage Instructions

5.9- Contact point if borrower is not providing        Refer to office issuing Mortgage Instructions - this is
balance of purchase price from funds/proposing         subject to any overriding terms of the Mortgage Offer
to give second charge.

5.10.1- What minimum unexpired lease term do           50 years unexpired at application, 30 years at the end
you accept?                                            of the mortgage term

5.10.7- Contact point for matters connected with       Refer to office issuing Mortgage Instructions
the lease.

5.10.8- Contact for service charge matters.            Refer to office issuing Mortgage Instructions
5.10.9- Do you accept indemnity insurance where Refer to office issuing Mortgage Instructions
the terms of the lease are unsatisfactory?

5.10.10- Do you require a clear ground                 Yes, placed with deeds
rent/service charge receipt to be sent to you?

5.10.11- Do you require a receipted copy of notice Yes, placed with deeds
or evidence of service to be sent to you?

5.10.13- Contact point if there is an                  Refer to office issuing Mortgage Instructions
absentee/insolvent landlord.
5.10.13- Do you accept indemnity insurance if the Refer to office issuing Mortgage Instructions
landlord is absent or insolvent?

5.11.2- Contact point if there are apparent            Refer to office issuing Mortgage Instructions
problems with the management company.
5.11.2- Do you require the following to be sent to
you:
- management company share certificate?                Yes
- signed blank stock transfer form?                    Yes
- management company's memorandum and                  Yes
articles of association?

5.12.2.2- Contact point if unable to certify search    Refer to office issuing Mortgage Instructions
entry does not relate.

5.13.3- Do you require the following to be sent to
you:
- power of attorney?                                   Yes, placed with deeds where agreed by office issuing
                                                       Mortgage Instructions
- statutory declaration of non-revocation of power Yes, placed with deeds where agreed by office issuing
of attorney?                                       Mortgage Instructions

5.15- Contact point for lending on affordable          We do not lend in these circumstances
housing, shared equity and shared ownership
and where relevant your requirements.

6.1.3- Contact point if borrower is not taking up      Refer to the office issuing Mortgage Instructions
the mortgage offer.

6.2- Contact if any discrepancies in property's        Refer to office issuing Mortgage Instructions
description.

6.3.1- Contact point for any issues relating to        Refer to the office issuing Mortgage Instructions
purchase price.
6.3.1- Do I have to report incentives?               Yes, unless referred to specifically in mortgage offer
Note: You must obtain a completed copy of the        (please refer all incentives whether contractual or not)
CML Disclosure of Incentives Form from the
conveyancer acting on behalf of the seller of any
property that is yet to be occupied for the first
time, or for the first time in its current form, for
example, because of a renovation or conversion.
You should only report incentives to the lender as
instructed below.
You will not be able to send a completed
Certificate of Title to the lender unless you have
received the CML Disclosure of Incentives Form.
When you send a completed Certificate of Title
you are confirming you are in receipt of a
completed CML Disclosure of Incentives Form
from the developer/seller’s conveyancer which
complies with your instructions.
This does not override your duty to the lender via
the instructions provided elsewhere in the
Lenders’ Handbook
6.3.2- Contact point for any issues relating to         Refer to the office issuing Mortgage Instructions
purchase price.
6.3.2- Do I have to report incentives?                  Yes, unless referred to specifically in mortgage offer
                                                        (please refer all incentives whether contractual or not)

6.3.3- Contact point if we will not have control        Refer to the office issuing Mortgage Instructions
over the payment of all the purchase money.

6.4- Contact point if vacant possession is not          Refer to the office issuing Mortgage Instructions
being given.

6.5.1- Contact point if property is let/to be let and   Refer to the office issuing Mortgage Instructions
to check you lend on buy-to-let.

6.5.2- Contact point when you do not have details Refer to the office issuing Mortgage Instructions
of current letting or letting to take place at
completion.

6.5.3- Do you require counterpart/certified copy        Yes
tenancy agreement to be sent to you?

6.5.4- Do you lend where the property comes             No
within the definition of a house in multiple
occupation?
6.5.4- If yes, what are your requirements?

6.6.1- Please provide a list of new home warranty       NHBC
schemes acceptable to you.                              Zurich Municipal
                                                        Premier Guarantee

6.6.2- What new home warranty documentation             Certificates to be placed with deeds
should be sent to you?

6.6.3- Should any assignments of building               Yes, placed with the deeds
standards indemnity schemes be sent to us?

6.6.4- Will you proceed if the property does not        Refer to office issuing Mortgage Instructions
have the benefit of a new home warranty
scheme?

6.6.6- Do you require the professional                  Yes, if accepted, placed with the deeds
consultant's cerficate to be sent to you?

6.7.1- Contact point if no agreement and bond for Refer to office issuing Mortgage Instructions
an unadopted road or sewer?
6.8.1- Contact point if necessary easements are       Refer to office issuing Mortgage Instructions
absent?

6.9.2- Who will you release any retentions (or        The Borrower(s) unless otherwise stated in the
instalments of the advance) to?                       Mortgage Offer

6.10- Contact point if property is affected by        Refer to office issuing Mortgage Instructions
redevelopment or road proposals.

6.11- Contact point if pre-emption rights, resale     Refer to office issuing Mortgage Instructions
restrictions, options etc will affect our secuity.

6.12- Contact point if property is affected by        Refer to office issuing Mortgage Instructions
improvement/repair grant which will not be
discharged.

6.13.1- Contact point if property is not insured in   Refer to office issuing Mortgage Instructions
accordance with your requirement.
6.13.1- Do you need the buildings insurance in        Yes. Our interest must be noted
joint names/yours interest noted?

6.13.3- What are your requirements if the total    Refer to office issuing Mortgage Instructions
sum insured is less than the total number of flats
multiplied by the amount set out in the mortgage
offer?

6.13.5- What is the maximum excess you will           £1000 for subsidence, otherwise £100
accept on buildings insurance policy?

6.13.6- Do you require confirmation that all          Yes, solicitors to ensure not confirm
insurance risks are included?

6.13.7- Do you require insurer's confirmation to      Yes
notify you of non-renewal/cancellation fo
buildings insurance policy?

6.13.8- Do you require a copy of the buildings        Yes, with deeds, details of insurance to be given on
insurance policy and last premium receipt to be       Certificate of Title
sent to you?

7.3- Do you require a consent to mortgage from        Yes, please enquire of the Borrower(s) and obtain full
all occupants aged 17 or over?                        details and consent from all occupiers

7.4- Contact point if doubts about accurancy of       Refer to the office issuing Mortgage Instructions
information disclosed.

8- May I also advise any of the specified third       No
parties?

9- Do you require the indemnity insurance policy      Yes, place with deeds
to be sent to you?

9.2- What limit of indemnity insurance do you         110% of principal sum
require?
10.2- Will the mortgage advance be paid:
- electronically                                      Yes
- by cheque                                           No
What is the minimum number of days notice you
require:
- electronically                                      5 Working days
- by cheque                                           N/A
10.2 What are the standard deductions made from Refer to Mortgage offer
the mortgage advance?

10.3.4- On a delayed completion, when and how is Within 24 hours by CHAPS, full details of the bank
advance to be returned?                          account will be given by the office issuing Mortgage
                                                 Instructions


10.5- Contact point if completion is delayed?         Refer to the Completions Department of the office
                                                      issuing Mortgage Instructions


10.6- How long can I hold the mortgage advance        24 hours
before returning it?

10.7- What, if any interest do you charge if return   The rate quoted in the Mortgage offer
of the advance is delayed?

12.3- Contact point for release of                    Refer to Solicitor Instructions
retentions/mortgage advance instalments.

14.1.3- Do you require me to make a form CH2          N/A
application?

14.1.4- Do you require the original mortgage deed Yes
to be sent to you?

14.2.1- Where should the title deeds and              Refer to Solicitor Instructions
documents be sent?

14.2.2- Which documents must I send after             All those set out in Part 1 of the Lenders Handbook
completion?                                           and in our standard deeds schedule

16.1- Contact point for title documents.              Refer to Solicitor Instructions

16.3.1- Do you have a standard form a                 No
transfer/deed of covenant?

16.3.1.2- Contact point for finding out the debt      Refer to Solicitor Instructions
amount?

16.3.3- Do you require the transfer of equity to be Yes
sent to you?

16.3.6- Contact point for obtaining execution of      Refer to Solicitor Instructions
transfer equity?
16.3.6- What form of attestation clause do you        The standard form will be used
use?
16.4.1- Contact point for application for consent   Refer to Solicitor Instructions
to letting.
16.4.1- Does a copy of a proposed tenancy need      Yes
to be sent to you?

16.5.2- Contact point for confirming proposed       We require a draft of such Deeds before granting
deed or agreement will not adversely affect you.    consent. Refer to Solicitor Instructions

16.5.3- Where should the following documents be
sent for execution:
- deed of variation                                 Refer to Solicitor Instructions
- deed of rectification                             Refer to Solicitor Instructions
- deed of easement                                  Refer to Solicitor Instructions
- option agreements.                                Refer to Solicitor Instructions

17.1.1 Contact point for redemption statements.     Refer to Solicitor Instructions


17.2- Where do I send the discharge and             Refer to the redemption statement which contains this
repayment remittance?                               information
17.2- Do you send the discharge via:                Refer to the redemption statement which contains this
                                                    information
- a DS 1 form                                       Yes
- direct with the Land Registry.                    No