Common use of Types of Property Clause in Contracts

Types of Property. Properties may be either freehold, leasehold or (in Scotland) heritable or held under a long lease. In the case of leasehold properties, the unexpired portion of the lease must in most cases not expire earlier than 30 years after the term of the Loan. The property must be used solely for residential purposes (with extremely limited case by case exceptions) and must be in sound structural condition and repair or be capable of being put into such state. House boats, mobile homes and any property on which buildings insurance cannot be arranged are not acceptable. All persons who are to be legal owners of the Property on completion of the relevant Mortgage must be Borrowers. Mortgage applications may be accepted by the Seller on properties in: (a) England (including the Isle of Wight and Scilly Isles); (b) Wales (including Anglesey); (c) Northern Ireland; and

Types of Property. Properties may be either freehold, leasehold or (in Scotland) heritable or held under a long leaselonglease. In the case of leasehold properties, the unexpired portion of the lease must in most cases not expire earlier than 30 years after the term of the Loan. The property must be used solely for residential purposes (with extremely limited case by case exceptions) and must be in sound structural condition and repair or be capable of being put into such state. House boats, mobile homes and any property on which buildings insurance cannot be arranged are not acceptable. All persons who are to be legal owners of the Property on completion of the relevant Mortgage must be Borrowers. Mortgage applications may be accepted by the Seller on properties in: (a) England (including the Isle of Wight and Scilly Isles); (b) Wales (including Anglesey); (c) Northern Ireland; and