The lease must be the 2010 or later form lease, for use from 6th April 2010, issued by Homes England (known as the ‘Model Lease’) without material variation. The question is, what exactly is causing conveyancers to halt leasehold transactions? ‘Onerous’ Part 2s If a lease is a Qualifying Lease, a leaseholder will not be liable to pay for remediation costs related to Relevant Defects if the defect was the responsibility of the landlord or somebody associated with the landlord (e.g. a contractor engaged by the landlord). This is an important protection for the leaseholder because these remediation costs can be substantial (e.g. for cladding being completely removed and replaced) and could even make a property potentially unmortgageable. That, at least, seems to be the view of the Council of Mortgage Lenders ( CML). It is thought that Nationwide are in the process of reviewing their Part 2 requirements. Various groups have also made the government, as well as the Law Society, aware of the conveyancing profession’s concerns on this front, Today’s Conveyancer understands. Lease extensions

It was granted for more than 21 years over a single dwelling in a Relevant Building (essentially a building in England that is 11 metres tall or 5 storeys high and contains at least two dwellings 2);The handbook opens by introducing the Scout Oath, the Scout Law, the Scout Motto, and the Scout Slogan of BSA. There are currently two editions of the Scouts BSA Handbook, one for girls and one for boys, but other than photographs, the content is essentially the same. The lease must be granted to the borrower(s) alone and the borrower(s) must not hold their share in the property in trust with the Landlord. Aullybocus pointed out that, should anything go wrong, conveyancers will get the blame. The professional indemnity insurance (PII) consequences of this need no introduction.

Scotland, as you would expect, has its own set of instructions. There are also versions for lending taking place in England & Wales, Northern Ireland, and the Isle of Man. Each version reflects local lending issues and property law in each of these jurisdictions. Another issue pointed out by conveyancers is that there are “a lot of inconsistencies” with the LPE1 leasehold property enquiries form. For example, some questions ask about the 18m height whereas others ask about the 11m height, which it is suggested may cause confusion between EWS1 and the BSA. The Law Society also haven’t yet added in a space for “Responsible Person” to be named on the form. Fire safetyThere is nothing in the legislation or the government’s guidance to say that the leaseholder will still be protected if they are ‘extending’ a lease. The remaining balance (e.g. 25%) must be made up by means of an equity loan from an equity sharing lender which is secured by a second charge ranking subsequent to a secured first charge in favour of the Society. The cumulative borrowing must not exceed 100% of the value of the property. The borrower must pay or has paid a percentage of the full open market value (e.g. 75%) but must acquire ownership of 100% of the property on completion. Boy Scout Mini Handbook (11thed.). 2009. ; an extract of the standard handbook for use as a temporary advancement record Adoption of the BSA Mortgage Instructions should not have any significant impact as to how practitioners do their job. In preparing any new standard it is essential that building societies, as well as the solicitors and licensed conveyancers instructed by them, should be able to apply the new instructions without substantial changes to procedures and process. The BSA instructions achieve this.

On disposal of the property, or earlier on expiry of the term of the borrower’s agreement with the equity sharing lender, the equity sharing lender’s percentage must be repaid. Remember to consider ancillary costs (i.e. costs other than "pure" cladding costs, such as waking watch, sprinklers, balconies);

The decision to introduce another set of conveyancing instructions will meet some criticism from solicitors and conveyancers as unnecessary and a cause of confusion among practitioners. The BSA understands the concerns practitioners may have; however, in the development of the new instructions it has endeavoured to ensure that there is minimal disruption. Senior Patrol Leader Handbook: Completely revised for 2019, the Senior Patrol Leaders Handbook is an important resource for troop leaders, providing a valuable framework for the presentation of an effective Scouting program.

Despite lenders beginning to retract their “onerous” Part 2 requirements, other glaring issues with the BSA remain. One such issue is that the completion of a lease extension has the potential to remove a property from the “leaseholder protection” offered by the Act. The minimum amount of deposit payable by the borrower is 5% and the maximum initial equity loan must be no more than 20% (for properties outside of Greater London and 40% for properties within Greater London) of the current market value.

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The Society will only lend on a shared equity basis where a shared equity product has been selected. In the event that a shared equity product is not specified in the offer of loan then this should be reported to the lender. The borrower must pay a percentage of the full open market value (e.g. 75%) but must acquire ownership of 100% of the property on completion. The BSA has also taken this opportunity to make subtle but important improvements in the instructions. The BSA instructions are of the same standard as existing conveyancing instructions available to lenders. However, a benefit of the new set is their streamlined approach. Lending Restrictions: The Society does not currently lend on properties developed for older persons/ and/ or people with long term disabilities. Firms should remain prudent in documenting all advice given to the client. The old adage of ‘if it’s not written down, it didn’t happen’ very much applies in these scenarios.”