IMPORTANT UPDATES from LBG, Barclays, Nationwide and Santander


Santander Update - Stamp Duty Holiday

Please note: In the run up to the Stamp Duty Holiday End date we are dealing with high volumes. We normally suggest a minimum of 5 days prior to the completion date however given the increase in activity please ensure that any requests for funds to be released on mortgage applications are submitted to us as early as possible.

Nationwide Update - Stamp Duty Holiday

We are anticipating peak business volumes in relation to the stamp duty holiday period and we will be enforcing the following; • The Society requires at least five working days' notice of the completion/settlement date to enable payment via BACS transfer. Failure to provide the given notice will result in the funds being sent by CHAPS with a £20 CHAPS transfer fee applied. • Where a CHAPS transfer is specifically requested, 48 hours notice is required to guarantee payment on time. • Do not submit a request for funds if you knowingly have outstanding matters for consideration. Failure to adhere to this point will result in the COT/Request for funds being rejected. • Do not submit further queries post request for funds. Failure to adhere to this point will result in the COT/Request for funds being rejected. • Please be aware that we may need to refer your query onto a third party which could incur a delay of up to 10 working days • A new COT will be required once the outstanding matters have been concluded. Repeated COT submission whilst we have outstanding matters will be rejected. • If there is a change to the completion date please adhere to our instructions as per our UK Finance Mortgage Lenders Handbook by contacting us immediately after you are aware of the delay. • As per our UK Finance Mortgage Lenders Handbook: Which documents must I send after completion? Do not send us letters post completion to advise of completion or copies of the title documents unless we have specifically requested these • We have noted a considerable increase in volumes of returned mortgage advance payments, including multiple returns and some in excess of the 3 days permitted. We appreciate this may be due to Covid, however to ensure this doesn’t impede our ability to issue funds please consider that the dates are realistic when requesting funds Your failure to adhere to these points could result in funds not being available as requested. A further reminder of our expectations in line with Section 2.3 of the CML Lenders Handbook for the submission of Post Offer queries: 2.3 If you need to report a matter to us, you must do so as soon as you become aware of it so as to avoid any delay. If you do not believe that a matter is adequately provided for in the Handbook, you should: * identify the relevant Handbook provision and the extent to which the issue is not covered by it. * provide a concise summary of the legal risks. * provide your recommendation on how we should protect our interest After reporting a matter you should not complete the mortgage until you have received our further written instructions. We recommend that you report such matters before exchange of contract because we may have to withdraw or change the mortgage offer. • For valuation queries where completion is planned for 30/6/2021 please be aware that we may need to refer your valuation query onto a third party which can incur a delay of up to 10 working days, all queries on this basis must be received no later than COB 18/6/2021. We would also like to remind you of the email address that you should be using to submit your Post Offer Queries - It is important that you remove your email signature and associated images from the email and to include the M reference number in the message subject - This is not the same as the account number and can be found in the bottom left of each page of the mortgage offer. Please see below for a full list of ‘Rules and Guidelines’ that we would ask you to follow. Reminder of all the Rules and Guidelines: • M Reference to be included in the message subject. This is not the same as the account number and can be found in the bottom left of each page of the mortgage offer. • One case per email - Multiple queries can be asked but these (and any attachments) must all relate to the same case. • Attachments can be added, these must: • Be under 9mb in size • Format types – pdf, jpeg, tiff • Multiple attachments for the same case are allowed, but we would ask that you optimise these so that you send the minimum required. • Remove email signatures and any unnecessary images from emails • Certificate of Titles are NOT to be sent to this mailbox – Please continue to use existing methods i.e. Lender Exchange or fax/email were specified. Should you submit a Post Offer Query that does not adhere to these rules, this could result in the query being returned to sender and/or delays to the applications progress.

LBG PLAN AHEAD for June Stamp Duty Cut Off

The next deadline for Stamp Duty removal will apply on June 30th 2021. As a result we anticipate a large increase in queries and completion related activity for the June end period, we are keen to ensure customer expectations are satisfied and met so we will apply a deadline date of 23rd June for COT submission to allow for completion by the end of June month end. Key reminders; • Certificates of Title should be submitted by the 23rd June to ensure completion by June month end. • Requests for Completion (CoTs) should be submitted via Lender Exchange for Halifax/Lloyds and through normal channels for BM. • Please refer to Lender Exchange for progress updates on COT completion. • 5 Days’ Notice is required for all completion requests, requests submitted inside this 5 day period will be processed on a best endeavours basis • Do not submit a request for funds if you have outstanding matters that still require attention, issues need resolved prior to COT submission. • During busy periods we see an increase in volumes of returned mortgage advance payments. Please be aware that we require a minimum of 48 hours for funds to be re-released once returned, please consider if the initial completion dates are viable before submitting your COT. • Solicitors should carefully check the lender handbook for what account to return funds to, we are seeing an increased number of scenarios where they are sending funds to the wrong place (e.g. sending to old A/ account which is now closed, or sending 60/ funds back to the 200 account details), please ensure these are returned to the correct account to avoid delays. We will provide further updates and guidance as necessary as we progress towards the deadline.

Barclays Update - Stamp Duty holiday deadline is fast approaching!

We remind you that the stamp duty holiday deadline is Wednesday 30 June 2021. If your client is seeking to complete by this date, we require all outstanding documentation and requirements to be received, reviewed and accepted prior to receiving the certificate of title. The Certificate of Title must be provided to us, at the latest, by Wednesday 23 June 2021. What to do if you need support: Post offer support requests should be directed to the following support email addresses. Please note that you must include the name(s) of your client(s), application reference and desired completion date so that we are able to respond to your support request. • If the desired completion date is within 5 working days of your request and the certificate of title has been submitted with the required advance notice period (see below), then send your support request into • If your case does not meet the above conditions then submit your support request into How you can help us support you: • Review the offer conditions carefully and please submit all required documentation as soon as possible. For speed and convenience, you can send this information to us by email (to the email addresses provided above) • You can request support from us by using the email queries and escalations approach above as soon as you become aware of the support you need. Please bear in mind this is a busier time than usual and therefore it may take us longer than normal to respond. • Please note that we require a minimum of 5 working days’ notice for submission of the certificate of title. These can also be sent directly by email to our post-offer support team, as detailed above • Certificates of Title submitted without 5 working days’ notice will be processed as soon as reasonably practicable.

IMPORTANT - LBG Redemption Statements

Redemption Statements for Bank of Scotland (8 digits or less account numbers) will no longer be available via Lender Exchange. We will confirm once we are in a position to resume the process. Please revert to mail/phone requests. Sorry for any inconvenience this causes.