Saturday, 1 March 2014

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

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.

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