B&C attained ten top tips from Benson Hersch, CEO of the Association of Short Term Lenders (astl), as to what can cause these delays…

• The unfamiliarity of certain solicitors with the specific requirements of bridging lenders;

•Not having funds on account of costs to start acting/dealing with requisitions in the first place;

•Seeking information (for example local search results) that have not been requested (most bridging firms rely on Title Indemnity Insurance);

•Not being up to date with real and relevant issues surrounding mortgage fraud and so wishing to continue using dated procedures and not carrying out checks which would be considered prudent in the current climate;

•Not using online search facilities – for example the Land Registry online portal, Companies House online;

•Not having an appreciation that the lender needs to be confident that they will be able to dispose of the property without issue should the loan not be repaid;

•Not appreciating that the lender does not wish to cut corners as they have procedures to follow;

•Not appreciating that all of the requisitions forwarded need to be responded to and that they should not pick and choose the requisitions that they respond to;

•Not understanding the issues surrounding a borrower who has a bankruptcy petition or bankruptcy order against him; and

•Not appreciating that the lender’s solicitors must be confident that they will be able to register the legal charge without issue – all potential land registry requisitions must be anticipated and the lender’s solicitors must be confident that they will be able to deal with them without undue delay.