Shawbrook reviews requirements on legal ‘Master Instructions’

By Bridging Loan Directory 30th September 2014

Shawbrook has announced a series of changes to its legal ‘Master Instructions’ designed to streamline the conveyance process across searches, reports and planning and building regulations. Shawbrook’s ‘Master Instructions’ are always adhered to by its legal partners Pure Law and Wilson McKendrick.

Key changes include:

· If a local search is more than six months old, Shawbrook will now search indemnity from reputable insurers as long as the search is not more than nine months old at completion

· Shawbrook has reduced the level of due diligence applied by solicitors for purpose-built property

· Solicitors will no longer need to investigate planning permission where building regulation approval was obtained for structural alterations which have been in place for four years

· Shawbrook will no longer ask for indemnity insurance where a gifted deposit is being provided and it does not exceed £25K

· Shawbrook will no longer require a letter of non-crystallisation where the security for the deal is registered land and the floating charge is not registered against the title.

Karen Bennett, Sales and Marketing Director, Commercial Mortgages, Shawbrook Bank said:

“We’re always looking for ways to make the lives of our brokers and their clients easier. These changes reflect our current appetite and risk approach and we believe they will make the conveyance process considerably smoother for all concerned.”