Common use of Property Details Clause in Contracts

Property Details. 4.1 Loans must be secured on residential property which, following a valuation by the relevant Originators’ valuer or a valuer appointed to act on the relevant Originators’ behalf, or in the case of a further advance application, an assessed valuation by reference to an applicable house price index, is considered to be suitable security. 4.2 The following are unacceptable to the Originators:  Properties located other than in the U.K.  Freehold flats and maisonettes (except in Scotland).  Properties designated under the Housing Xxx 0000, the Housing (Scotland) Xxx 0000 or the Housing (Northern Ireland) Order 1983 (as amended).  Properties having agricultural restrictions.  Construction loans 4.3 The following will be considered by the Originators on an individual basis:  Properties used for part commercial purposes.  Properties with adjoining land used for commercial purposes or having agricultural or other planning restrictions.  Properties on which buildings insurance is not available on block policy terms.  Flats directly attached to or directly above commercial premises.  Properties with an element of flying freehold.  Self build properties (post completion).  Local Authority flats being purchased under the Right to Buy Scheme. 4.4 Properties under 10 years old must have the benefit of an NHBC certificate or any other approved guarantee from an acceptable body. Architects' certificates must also be provided for each stage of construction together with Local Authority approval in respect of properties under 10 years old that do not have the benefit of an NHBC certificate or other approved guarantee from an acceptable body. Similar requirements may be imposed for converted properties. 4.5 Properties may be let on an assured shorthold tenancy basis (or, in Scotland, a short assured tenancy or, in Northern Ireland, an agreement which confers similar rights as an assured shorthold tenancy) or in circumstances where the occupier (which may include a body corporate, a charitable institution or public sector body) has no statutory security of tenure. Where the occupier is a body corporate, the maximum length of lease will normally be for a period no longer than 3 years. Where the occupier is a charitable institution or public sector body, the maximum length of lease will normally be for a period no longer than 5 years. 4.6 Where the tenure of the property is leasehold, the minimum length of the lease at the end of the mortgage term must be 35 years. 4.7 All properties must be insured for a minimum of the reinstatement amount shown on the valuation report, under a comprehensive insurance policy.

Property Details. 4.1 Loans must be secured on residential property which, following a valuation by the relevant Originators’ valuer or a valuer appointed to act on the relevant Originators’ behalf, or in the case of a further advance application, an assessed valuation by reference to an applicable house price index, is considered to be suitable security. 4.2 The following are unacceptable to the Originators:  • Properties located other than in the U.K.  • Freehold flats and maisonettes (except in Scotland).  • Properties designated under the Housing Xxx 0000, the Housing (Scotland) Xxx 0000 or the Housing (Northern Ireland) Order 1983 (as amended).  • Properties having agricultural restrictions.  • Construction loans 4.3 The following will be considered by the Originators on an individual basis:  • Properties used for part commercial purposes.  • Properties with adjoining land used for commercial purposes or having agricultural or other planning restrictions.  • Properties on which buildings insurance is not available on block policy terms.  • Flats directly attached to or directly above commercial premises.  • Properties with an element of flying freehold.  • Self build properties (post completion).  • Local Authority flats being purchased under the Right to Buy Scheme. 4.4 Properties under 10 years old must have the benefit of an NHBC certificate or any other approved guarantee from an acceptable body. Architects' certificates must also be provided for each stage of construction together with Local Authority approval in respect of properties under 10 years old that do not have the benefit of an NHBC certificate or other approved guarantee from an acceptable body. Similar requirements may be imposed for converted properties. 4.5 Properties may be let on an assured shorthold tenancy basis (or, in Scotland, a short assured tenancy or, in Northern Ireland, an agreement which confers similar rights as an assured shorthold tenancy) or in circumstances where the occupier (which may include a body corporate, a charitable institution or public sector body) has no statutory security of tenure. Where the occupier is a body corporate, the maximum length of lease will normally be for a period no longer than 3 years. Where the occupier is a charitable institution or public sector body, the maximum length of lease will normally be for a period no longer than 5 years. 4.6 Where the tenure of the property is leasehold, the minimum length of the lease at the end of the mortgage term must be 35 years. 4.7 All properties must be insured for a minimum of the reinstatement amount shown on the valuation report, under a comprehensive insurance policy.

Property Details. 4.1 Loans must be secured on residential property which, following a valuation by the relevant Originators’ Seller’s valuer or a valuer appointed to act on the relevant Originators’ Seller’s behalf, or in the case of a further advance application, an assessed valuation by reference to an applicable house price index, is considered to be suitable security. 4.2 The following are unacceptable to the OriginatorsSellers:  • Properties located other than in the U.K.  • Freehold flats and maisonettes (except in Scotland).  • Properties designated under the Housing Xxx 0000, the Housing (Scotland) Xxx 0000 or the Housing (Northern Ireland) Order 1983 (as amended).  • Properties having agricultural restrictions.  • Construction loans 4.3 The following will be considered by the Originators Sellers on an individual basis:  • Properties used for part commercial purposes.  • Properties with adjoining land used for commercial purposes or having agricultural or other planning restrictions.  • Properties on which buildings insurance is not available on block policy terms.  • Flats directly attached to or directly above commercial premises.  • Properties with an element of flying freehold.  • Self build properties (post completion).  • Local Authority flats being purchased under the Right to Buy Scheme. 4.4 Properties under 10 years old must have the benefit of an NHBC certificate or any other approved guarantee from an acceptable body. Architects' certificates must also be provided for each stage of construction together with Local Authority approval in respect of properties under 10 years old that do not have the benefit of an NHBC certificate or other approved guarantee from an acceptable body. Similar requirements may be imposed for converted properties. 4.5 Properties may be let on an assured shorthold tenancy basis (or, in Scotland, a short assured tenancy or, in Northern Ireland, an agreement which confers similar rights as an assured shorthold tenancy) or in circumstances where the occupier (which may include a body corporate, a charitable institution or public sector body) has no statutory security of tenure. Where the occupier is a body corporate, the maximum length of lease will normally be for a period no longer than 3 years. Where the occupier is a charitable institution or public sector body, the maximum length of lease will normally be for a period no longer than 5 years. 4.6 Where the tenure of the property is leasehold, the minimum length of the lease at the end of the mortgage term must be 35 years. 4.7 All properties must be insured for a minimum of the reinstatement amount shown on the valuation report, under a comprehensive insurance policy.

Property Details. 4.1 Loans must be secured on residential property which, following a valuation by the relevant Originators’ Seller’s valuer or a valuer appointed to act on the relevant Originators’ Seller’s behalf, or in the case of a further advance application, an assessed valuation by reference to an applicable house price index, is considered to be suitable security. Due to COVID-19 restrictions (which applied until 22 May 2020 in England and 23 June 2020 in Wales), physical property valuations could not be conducted by the Sellers. During this period, the Sellers developed a desktop valuation process specifically for non-complex properties in relation to single self-contained units i.e. houses and flats, with up to four tenants sharing. The process was subject to an oversight to the three lines of defence approach. This specifically included quality monitoring within the business area (first line), followed by oversight review by property risk (second line) and internal audit (third line). 4.2 The following are unacceptable to the OriginatorsSellers:  • Properties located other than in the U.K.  • Freehold flats and maisonettes (except in Scotland).  • Properties designated under the Housing Xxx 0000, the Housing (Scotland) Xxx 0000 or the Housing (Northern Ireland) Order 1983 (as amended).  • Properties having agricultural restrictions.  • Construction loans 4.3 The following will be considered by the Originators Sellers on an individual basis:  • Properties used for part commercial purposes.  • Properties with adjoining land used for commercial purposes or having agricultural or other planning restrictions.  • Properties on which buildings insurance is not available on block policy terms.  • Flats directly attached to or directly above commercial premises.  • Properties with an element of flying freehold.  • Self build properties (post completion).  • Local Authority flats being purchased under the Right to Buy Scheme. 4.4 Properties under 10 years old must have the benefit of an NHBC certificate or any other approved guarantee from an acceptable body. Architects' certificates must also be provided for each stage of construction together with Local Authority approval in respect of properties under 10 years old that do not have the benefit of an NHBC certificate or other approved guarantee from an acceptable body. Similar requirements may be imposed for converted properties. 4.5 Properties may be let on an assured shorthold tenancy Assured Shorthold Tenancy basis (or, in Scotland, a short assured tenancy or, in Northern Ireland, an agreement which confers similar rights as an assured shorthold tenancy) or in circumstances where the occupier (which may include a body corporate, a charitable institution or public sector body) has no statutory security of tenure. Where the occupier is a body corporate, the maximum length of lease will normally be for a period no longer than 3 years. Where the occupier is a charitable institution or public sector body, the maximum length of lease will normally be for a period no longer than 5 years. 4.6 Where the tenure of the property is leasehold, the minimum length of the lease at the end of the mortgage term must be 35 years. 4.7 All properties must be insured for a minimum of the reinstatement amount shown on the valuation report, under a comprehensive insurance policy.