Deed of Covenant - Mortgage Issue?

Tatters26

Deleted_User said:

Its possible that the CML is silent on Kent's instructions for this particular issue so the solicitor may be unable to take the initiative on it

What is CML? This forum is like Line of Duty sometimes!

The solicitor did tell me over the phone that the likely answer will be that Kent Reliance as for his advice, which will be that it is fine.

[Deleted User]

CML handbook.   Gives solicitors answers to common questions that come up so they dont have to bother the lender every time.

For example, it could fall under this one which is from Kent's CML section

Restrictions on Use and Occupation

5.10.1You must check whether there are any material restrictions on the occupation of the property as a private residence or as specified by us (for example, because of the occupier's employment, age or income), or any material restrictions on its use. If there are any restrictions, you must report details to us (see part 2). We may accept a restriction, particularly if this relates to sheltered housing or to first-time buyers.

Or it could be this one:

5.6Good and Marketable Title

5.6.1The title to the property must be good and marketable free of any restrictions, covenants, easements, charges or encumbrances which, at the time of completion, might reasonably be expected to materially adversely affect the value of the property or its future marketability (but excluding any matters covered by indemnity insurance) and which may be accepted by us for mortgage purposes. Our requirements in respect of indemnity insurance are set out in section 9. If, based on your professional judgment, you are able to provide an unqualified certificate of title, we will not require indemnity insurance.

Sounds like the solicitor could resolve it using an indemnity policy but wants to check first.   Perhaps being too thorough but thats never a bad thing

Tatters26

Deleted_User said:

Sounds like the solicitor could resolve it using an indemnity policy but wants to check first.   Perhaps being too thorough but thats never a bad thing

Thanks for this, really interesting..

yes I feel he is wanting to abolish any comeback by being very thorough. Nothing (touch wood) has gone wrong so far through the process but he's had me concerned several times. As I mentioned I think he's an over-sharer with me as the client on things he could've sorted in the background, and only told me if there was an issue.