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. 20 storeys in a block. Areas with medium / high levels of private ownership. Related words: Council property, ex-council, social housing, former
Maximum LTV
80% Fees can be added to all products. 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. Minimum 51 years remaining at end of term or Section 42 agreed prior to completion. Transactions involving headlease/sub lease are unacceptable. Related words: Short lease, expiry