Frequently Asked Questions

There is no central list of ‘acceptable’ warranty providers. It is up to individual lenders to decide whether to accept a warranty from a particular provider based on their own assessment. Individual lenders set out which warranty provider they accept in section 6.7.1 of the Handbooks for England and Wales, and Scotland, and section 6.6.1 in Northern Ireland and the Isle of Man.

UK Finance does not have a set definition of a converted property. However, barn conversions and changing a single property into multiple units or vice versa would be considered conversions. Renovated properties in this context refers to properties that have been structurally altered rather than those with cosmetic changes.

Lenders' requirements regarding newly built, converted and renovated homes in section 6.7 of the Handbook.

The general requirements of lenders can be found in section 5.14 of the Handbook for England and Wales. Lenders use 5.14.1 to set out in detail the length of lease they will accept and 5.14.9 to set out any conditions (for example on ground rent) that they will not accept.

These can be found in section 5.20 of the Handbook for England and Wales and 5.14 of the Handbook for Northern Ireland. At present there is no guidance for Scotland.

No for the purposes of the Help to Buy ISA scheme, there is no need for a solicitor or conveyancer to report the use of the bonus under the scheme to the lender, as the lender will treat the bonus as coming from the borrower’s own funds.

In 1992, a legacy organisation of UK Finance (the CML) and the Law Society for England and Wales produced joint guidance on mortgage redemption statements. If you believe that a lender is not acting in accordance with the guidance you should consider making a complaint to the lender direct. UK Finance cannot investigate complaints against lenders.

There are products that allow you to verify a person's identity electronically. You should check with your professional body that these products comply with your professional body's rules on money laundering and your duties under statutory money laundering requirements.

The changes will not alter the requirements set out in paragraph 14.1.1 of the Handbook which require the conveyancer to register the mortgage as a first legal charge at the Land Registry. Lenders do not regard the retainer as being complied with until this is achieved.

Part 3 has been developed for England and Wales.

The letter can be downloaded here.

The letter is designed to support the separate representation transaction process by setting out to the borrower's conveyancer, the documentary and information requirements of the lender's conveyancer. As separate representation transactions are not typical in residential conveyancing transactions, the letter is designed to help ensure that both borrower and lender conveyancers understand their own responsibilities and facilitate as efficient a transaction as possible. The letter is in example format only and may be adapted for use by the lender and lender's conveyancer as appropriate.

The instructions to use are contained at Part 3 of the Handbook and are to be read in conjunction with Parts 1 and 2. An example requirements letter to the borrower's conveyancer has also been developed for use and adaptation by lender's conveyancer.

Please contact the lender direct for instructions.

Yes

If you are a conveyancer and you have a query about the instructions in the Handbook you should raise it with your instructing lender. If you would like UK Finance to consider amending the Handbook you should contact your professional body and ask them to approach us. We review the Handbook periodically and always consult relevant professional bodies before introducing any amendments.

UK Finance is not a regulator and therefore cannot advise on or investigate complaints against lenders.

Many lenders will only instruct conveyancers or firms that are on their conveyancing panels. UK Finance does not maintain a central conveyancing panel for lenders. If you want to be admitted onto a lender's conveyancing panel you must contact the lender direct.