Remortgaging-is Requisition 37 required?

M

mbb

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Hi,

Can someone tell me if a requisition 37 is required for remortgaging or is it just for a purchase?
 
Re: Remortgaging-is S.37 Requisition required?

I and found [broken link removed] about "requisition 37" in case it helps:
Requisition on Title?

This is a legal requirement in the event that you need to sell your property and you are apart of a Management Company. The purchaser’s solicitor will request a requisition 37. This is a series of questions relating to the Management Company and the particular unit that is for sale. Once these queries have been replied to, the sale can proceed. As Agents, Fisher Property Management complete the necessary replies on behalf of the owners concerned.
Click to expand...
 
Re: Remortgaging-is S.37 Requisition required?

Yes, requisition 37 is one part of a longer document called 'objections and requisitions on title' generally sent by a purchaser's solicitor to a vendor's solicitor. This particular part relates to second hand managed properties. O & Rs would not generally be used for a remortgage so I was asking the OP what they meant by their question. Certainly one should do a search against the management company and the title to ascertain the position before release of loan cheque but after that I'm not sure how relevant it would be.
 
I was asking this question because I know someone who is remortgaging and the bank asked them for a copy of the apartment block insurance policy, but another person told them that they might need to get a requisition 37. I don't think that this is necessary myself, I believe this is only required during an actual purchase.
 
This is an insurance issue. When remortgaging the bank will require that their interest be noted on the group policy.
 
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