A House in Multiple Occupation (HMO) is a freehold or leasehold property where 3 or more tenants reside forming more than 1 household. Tenants share a lavatory, bathroom or kitchen facilities with other tenants and a HMO licence is required. The Solicitor will be required to ensure all relevant Planning/Change of Use requirements for its …
Studio flats
Units with floor area below 30m2 by referral only. Related words: Footprint, square feet
New build warranties
All properties less than 10 years old must hold an adequate warranty. CHL accepts the following new build warranties: National House-Building Council Buildmark Scheme (NHBC) Building Life Plan Premium Guarantee Scheme Checkmate Castle 10 LABC New Home Warranty Build-Zone Structural Warranty Zurich Municipal Advantage Aedis Warranties Global Home Warranties Protek ICW Ark Residential New Build …
Above/adjacent to commercial
Positive valuer comments required Related words: Retail, shop, cafe, restaurant, business
Ex-local authority
Max. 10 storeys in a block inside M25 (5 elsewhere). Areas with medium / high levels of private ownership. Related words: Council property, ex-council, social housing, former
Maximum LTV
75% NOTE: For CHL 1 products the total LTV inclusive of fees cannot exceed 80% Related words: Loan to value, loan size, loan amount, council
Tenure & Leasehold
Standard, Studio Flat, New Build, Above/Adjacent to Commercial, Ex-local Authority, HMO – Freehold and Leasehold, MUFB – Freehold Only. Leasehold terms of less than 76 years remaining at application considered at underwriter discretion and are subject to a maximum LTV of 60%. Minimum 51 years remaining at maturity. Transactions involving Head lease/Sub lease are unacceptable. …