MCOB 13.4A Data sharing with other charge holders1

MCOB 13.4A.1R
  1. (1)

    If a firm commences legal proceedings against a customer in respect of a regulated mortgage contract or a home purchase plan, it must give notice of the commencement of the legal proceedings to all persons specified in MCOB 13.4A.2 R at the time of their commencement, or as soon as reasonably practicable afterwards.

  2. (2)

    If a customer voluntarily surrenders possession of their property to a firm, the firm must give all persons specified in MCOB 13.4A.2 R notice of the surrender at the time it happens, or as soon as reasonably practicable afterwards.

  3. (3)

    If a customer is placed in an assisted voluntary sale process, a firm must give all persons specified in MCOB 13.4A.2 R:

    1. (a)

      notice that the customer has entered an assisted voluntary sale process within ten working days from the date the customer entered the assisted voluntary sale process;

    2. (b)

      notice of the proposed sale and details of the proposed sale price and method of sale at least ten working days before the date when the property is proposed to be offered for sale; and

    3. (c)

      details of the sale price within no more than ten working days from the acceptance of an offer to purchase the property.

Relevant other charge holders

MCOB 13.4A.2R

Notices and other details under MCOB 13.4A.1 R are to be given to each person having a legal or equitable mortgage in the relevant property over which the firm has security under a regulated mortgage contract or a home purchase plan.

MCOB 13.4A.3G

In complying with MCOB 13.4A.2 R, a firm should make reasonable efforts to discover the existence of other charge holders at the start of the assisted voluntary sale/litigation process.