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29 March 2010 | News
Purchase of adjoining or adjacent properties
With effect from 15 March, the only cases that need to be
referred to Underwriters are:
- Where a customer is buying (or remortgaging) two or more
adjoining properties with a clear intention of converting them into
one large property.
- In these cases, three valuation figures will be
obtained by the valuer, but the customer pays only one valuation
fee.
If the customer is buying or
remortgaging two adjacent/adjoining properties which they
are not intending to convert
into one property, then the case can proceed as normal and no
referral to underwriters is required.
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