The recent update to the CQS Core Practice Management Standards (CPMS) requires CQS firms to have a policy in place for dealing with the purchase of leasehold property (s5.16).
Policy documents can be time-consuming and difficult to prepare without a Policy Template as a starting point.
Lexsure’s COMPLETIONmonitor team has drafted a set of policy templates (of which this is one) designed to make it simpler for conveyancing firms to meet their compliance obligations.
The Purchasing Leasehold Policy Template includes reference to:
Financial Implications of Leasehold
Ground rents and onerous clauses
Marketability and mortgageability of leasehold
Management information
Comprehensive reporting on leasehold
...as well as other formalities and general obligations as required under 5.16 of the CPMS.
CONTENTS:
Document Properties
Change Control
Associated Policies
1. Financial implications of leasehold
2. Ground rents and onerous clauses
3. Marketability and mortgageability of leasehold
Implication of 35 year Mortgages on Leasehold
4. Management information
5. Referrals and conflicts of interest
6. Building Safety Act 2022 - Purchase & Sale Cases
7. Comprehensive reporting on leasehold
