Skip to main content

Monmouthshire Building Society Conveyancing Panel - Clarification on Planning and Building Regulation Time Limits

By
Monmouthshire Building Society have made a number of recent changes to their CML Part 2.
In particular the Society has clarified requirements in terms of time limits for planning and building regulation consents.
The Society have now made it clear to it’s conveyancing panel that no time limit should be applied in respect of conservation areas and listed buildings.
No investigation is required in respect of both planning and building regulation consent after 10 years has elapsed.
If the nature of the breach is such that indemnity insurance is recommended as a suitable protection this can be arranged on our behalf of the Society as long as they are advised of the situation. Alternatively if the advice is that the breach does not require indemnity insurance and is outside the statutory limits for enforcement action, the conveyancer may proceed on that basis providing the borrowers are aware of and accept the risk.
Other important changes were made to the CML Part requirements. Notably, the time frame required to request draw-down of funds has increased from 24 hours to 7 days. Ten sections were changed in total. Click here to see full details of the changes relevant to all lawyers on the Monmouthshire Building Society Conveyancing Panel.
Labels:

Comments

Post a Comment

Popular posts from this blog

Argie Bargie over Home Information Packs

By
In response to a question from Conservative MP David Amess on what methodology would be used to use to evaluate the effectiveness of the Home Information Pack programme, Communities and Local Government Minister Ian Austin was involved in heated argument. The wording of the debate ( reported in Hansard ) makes interesting reading, so I thought I would share it with you : Mr. David Amess (Southend, West) (Con): What methodology his Department plans to use to evaluate the effectiveness of the home information pack programme; and if he will make a statement. Mr. Andrew Mackay (Bracknell) (Con): What methodology his Department plans to use to evaluate the effectiveness of the home information pack programme; and if he will make a statement. Mr. David Jones (Clwyd, West) (Con): What methodology his Department plans to use to evaluate the effectiveness of the home information pack programme; and if he will make a statement. The Parliamentary Under-Secretary of State for Communities and Local...
Post a Comment
Read more

Paperwork is not a shield: Why your SRA aml audit demands more than just a dusty manual

By
The Solicitors Regulation Authority continues its aggressive crackdown on financial crime with a recent fine issued against Whiteheads Solicitors (Staffordshire) Ltd . This decision serves as a stark reminder that the regulator is looking far beyond simple paperwork during an SRA aml audit . The firm was fined 2,584 GBP plus 600 GBP in costs following an investigation into its compliance with the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. While the firm had a firm-wide risk assessment and general policies in place, the SRA identified critical failures at the matter level. Key compliance failures included: Failure to conduct adequate client and matter risk assessments . The SRA found a consistent pattern where the firm failed to sufficiently assess client matter risk levels as required by Regulation 28. Inadequate scrutiny of source of funds . In one specific property transaction, the firm failed to properly investigate the origin of funds provided by ...
Post a Comment
Read more

The High Street Practitioner’s Guide to Surviving the FCA

By
For a sole practitioner or the MLRO in a small high-street firm, "AML compliance" often feels like just another mountain of paperwork standing between you and your actual work. When you are juggling a heavy conveyancing caseload, a sensitive probate matter, and the day-to-day survival of your practice, the last thing you need is a new regulator with a reputation for being data-heavy and "zero-tolerance." But the ground is shifting. As the Financial Conduct Authority (FCA) takes over AML supervision from the SRA, the "high-street way" of doing things—relying on long-standing local reputations and gut instinct—is being replaced by a requirement for hard, documented proof. The end of "I’ve known them for years" In a small town, you often act for the same families for generations. You know their business, their parents, and their reputation. Under the old mindset, that felt like enough. Under the FCA, it isn’t. T...
Post a Comment
Read more