Friday 6 January 2012

HSBC publishes new Part 2 requirements on the CML website

HSBC Bank PLC have, within the last 24 hours published their CML Handbook Part 2 requirements on-line for the first time. Up until now,HSBC had issued their blue booklet of conveyancer requirements direct to lawyers with their mortgage offers.

Up until now, if you were searching on-line for the CML handbook Part 2s for HSBC you would be faced with the wording ‘This lender does not subscribe to the CML Lenders' Handbook. Please contact the lender direct’. This lender has now given specific answers to 73 sections. As of yesterday, conveyancers should be checking the HSBC Part 2’s on-line before submitting the COTs”

The new Part 2s vary the previous conditions in the booklet. A change of particular note is the fact that personal searches are now acceptable.

The minimum lease terms requirement looks very generous and I would expect this to be changed within the next 12 months. Changes to HSBC’s P2 requirements as well as other lender’s requirements are tracked by LENDERmonitor.

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