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Other factors that affect the lending decision (Environmental factors…
Other factors that affect the lending decision
Planning Permission
Permitted development
Doesn't cover over half of land
Extension height/depth limits
Front side not closer to highway
No high than highest point
2 story exten. no closer 7m to rear
2 story exten. depth no more 3m to rear
Building materials match
Internal garage doesn't add to size
Satellite dishes permitted
Single story exten. project 4m detach prop/ 3m other prop.
4m/8m exten detach prop/ 3-6m other prop subject to NCS
Neighbour Consultation Scheme
21 days file objection
Objection review
Agree project
Place conditions
Decline application
Planning Permission Required
Outside permitted development scope
Listed buildings/conversation area
New builds
Converting existing building (barn)
Dividing into separate homes
Work on original planning permission
Building Regulations
Require regs.
New builds
Extension
Cavity wall insulation
Loft conversion
Underpinning building foundations
Exempt
Carport extension
Detached garage
New garden or boundary wall
Listed Building
Required planning permission
Grade I
Exceptional interest
2.5% of listed buildings
Grade II*
Particular interest
5.5% of listed buildings
Grade II
special interest
92% listed buildings
Environmental factors
Radon gas
Overhead electrical power lines
Geology (London clay)
Mining works
Flood plains
Roads
Mobile phone masts
Substations
Renewable energy generation
Feed-in tariff
Self generating energy
One rate for generation
Additional rate for exported energy
Rent-a-roof
Company leases roof 20-25 yr
Owner free/low energy
Company exports excess energy
Agricultural holdings
The Agricultural Holdings Act 1948
High degree of tenure
Difficult to evict
Right to ownership in poor management
Additional Security
Higher Lending Charge
LTV exceeds certain level
Single payment charge
Mortgage Indemnity Policy (MIG)
Subrogation
Insurer sues borrower for payout
Life Assurance Polices
Lender holds In. policy
Equitable Right
Policy given as security
Professional Fees
Estate Agents
No sale, no fee agreement
FIxed fee
Mortgage fees
Reservation (booking) fee
Secure a deal (£100-£1000)
Arrangement fee
Inc basic val (£50 - £2000)
Higher lending charge
Exceed LTV
Lender ref fee
Existing lender ref (£50)
Adviser fee
Proc fee
Fixed
Mortgage packager fees
Mortgage administration (% or £300+)
Mortgage exit administration fee (MEAF)
Closing account (£50 - £500)
Valuation and surveys
Basic valuation
£175-£1100 where charged
Condition Report
£250-300
HomeBuyer Report
£400
Building Survey
£700
Legal Fees
Local Land Charges Registry
£75-£250
Land Registry search
£3-£7
Environmental searches
£39
Drainage search
£30-£60
Electronic transfer fees
£30+ VAT
Bankruptcy searches
£5-£10
Land Registration fees
Prop Val 80k less £40
1m+ Prop £910
New mortgage no change ownership £40 - £250
Solicitors/ conveyancer's fees
Flat fee
Indemnity fees
0.10% Prop value (Title defect, Planning permission)
Stamp Duty Land Tax
Main Residence Purchase
Normal SDLT rate applies
Second Home/BTL
3% Surcharge on standard rates
Multiple Properties
Average of combined properties
6+ properties
Optional commercial rates