Friday, 5 September 2014

Rooftop Mortgages Conveyancing Panel - New Part 2 Requirements

Conveyancing solicitors on the Rooftop Mortgages Conveyancing Panel can, as from today, carry out personal local authority searches as opposed to being required to carry out official searches.

In a change to the lender's CML Handbook Part Two requirements the answer to section 5.4.5 (Does the lender accept personal searches and, if yes, what are the lender's requirements?) now reads :

'Yes provided the firm is registered with the Council of Property Search Organisations and subscribes to the Search Code monitored by the Property Codes Compliance Board and also that the requirements under sections 5.4.7 and 5.4.8 of Part 1 are met.'

JP Morgan Chase Bank have made a similar change to the CML Handbook Part 2 section.

The changes come hot on the heals of Lloyds deciding to amend its part 2 of the CML Lenders Handbook to recommend to lawyers on the Lloyds Conveyancing Panel that, when they are using personal searches, they should be supplied by subscribers to the Search Code regulated by the Property Codes Compliance Board (PCCB).

The Search Code provides protection for homebuyers, sellers, estate agents, conveyancers and mortgage lenders who rely on the information included in property search reports undertaken by subscribers on residential and commercial property within the United Kingdom. The Code is now recognised by many mortgage lenders that make specific reference to it in their Part 2s of the CML Handbook.

No comments:

Post a comment