Navigating the complexities of non-standard construction with precision and expertise
Background
Our clients were seeking equity release on their beautiful, historically significant two-bedroom home, originally constructed in the late 17th century (circa 1697). The property, featuring a mix of traditional thatch and tiled roofing, had been sympathetically extended over the years, combining original charm with modern functionality, but added complexity from a lending perspective.
Circumstances
Because the property fell outside the scope of the standard BCIS (Building Cost Information Service) rebuild cost calculator, the lender imposed a special condition before proceeding. Specifically, they required detailed written assurances that the property’s insurance fully accounted for its age, construction, and extensions, with no special terms or increased premiums due to its unique characteristics.
This is the kind of condition that can quietly stall a case if it isn’t managed by a specialist legal team.
The approach
Cases involving historic or non-standard properties require a solicitor who knows what to look for before the lender asks. Our SRA-authorised team took immediate ownership of the special condition, coordinating directly between the client, their insurer, and the lender to ensure every piece of the puzzle fit perfectly.
We kept the client’s Financial Adviser informed throughout, because we understand that the professional relationship with their client depends on things running smoothly.
What we did
We co-ordinated a thorough and proactive approach that allowed us to address all lender requirements without delay, which included:
- Liasing directly with the client’s insurance provider to ensure full disclosure of all relevant property characteristics, including its historic age, thatched roof, and later extensions.
- Reviewing the insurance documentation to confirm compliance with the lender’s conditions, ensuring there were no special terms, exclusions, or increased premiums.
- Maintaining clear communication with all parties: client, adviser, insurer, and lender and addressing potential concerns promptly.
- Identifying the specific policy sections that satisfied each element of the lender’s requirements,
3 days
To obtain a lender offer
2 days
Later they embarked on their retirement
Later they embarked on their retirement
The result
The equity release completed smoothly and within the expected timeframe, despite the additional complexity introduced by the special condition. Our clients were able to access the funds they needed while retaining their uniquely historic home, and by working with a dedicated legal team, the Financial Adviser could be confident their client was in good hands during the process.
What this means for you
At Tivoli Legal, we only offer conveyancing services. As such, we believe our deep understanding of this legal sector ensures that even the most complex cases are handled seamlessly, giving Financial Advisers peace of mind that their clients are in expert hands.
Non-standard and historic properties are where generalist conveyancers struggle, and cases can grind to a halt, causing stress for everyone involved.
When a Financial Adviser chooses Tivoli Legal, they can avoid all of that. Our team has the depth of knowledge to anticipate lenders’ requirements in complex cases and will keep you informed at every stage.
If you are a Financial Adviser and have a client with a non-standard property, or a case that has already encountered a lender’s special condition, we’d welcome a conversation.