Friday, 4 December 2009

China requires UK conveyancing protection

Bank of China has this week become a member of the CML setting out their conveyancing requirements through publishing their Part II requirements.

For those not familiar with the CML Lenders Handbook, I should explain that The Lenders' Handbook provides comprehensive instructions for conveyancers acting on behalf of lenders in residential conveyancing transactions. Part II details each lender's specific requirements.

At first glance there is nothing too unusual in the Bank of China’s Part IIs. However I remain perplexed by Section. One of the Part II questions is “Contact details if you need to be notified when the seller does not have legal representation”. Bank of China's response is : We do not allow licensed conveyancers to act for the Bank. Therefore, this section in n/a.

Can anybody please translate this for me ?

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