Want a handy guide to explain the next Handbook changes?

Legal risk and compliance experts Lexsure are giving conveyancers a sneak-preview of the most extensive set of CML Handbook changes in twelve years.

The Council of Mortgage Lenders notified Lexsure last month that they intend to publish important amendments to the CML Lenders’ Handbook for England and Wales on 1 December. The changes represent the largest number of revisions made to Part 1 of the Handbook since the second edition of the Handbook was published in 2002. In all, 33 sections, more than 10 % of the Handbook will be amended. It is anticipated that almost all lenders will update their Part 2 requirements on the 1st December or shortly thereafter.

Examples of some of the Handbook sections to be changed include :

4.1 Valuation of the Property

5.5.1 Planning and Building Regulations

5.6.1 Good and marketable title

5.14.13 Leasehold Property

11.2 Signing and witnessing of documents

3.1 and 3.2 Safeguards for solicitors/conveyancers

Lexsure have compiled a free dossier of changes, crucial for law firms who wish to gain an insight into the forthcoming changes.

It would be remiss of me not to thank CML who continue to be very helpful in preparing Lexsure for major changes and enabling us to update theCOMPLETIONmonitor checklist. These changes are significant and some of the implications are far-reaching for the way conveyancers work. As part of our commitment to helping lawyers reduce their risk profiles, Lexsure are happy to make this information available to firms, who can then prepare properly and use the dossier as evidence supporting a Competence Statement for those adopting the new SRA approach to continuing competence.

Law firm’s can request a free Lexsure dossier.

Limited slots are available for a demo of COMPLETIONmonitor which includes the latest Handbook changes – bookings can be made here

AmTrust-insured solicitors prepare for significant CML Handbook amendments

Legal risk experts Lexsure will be giving conveyancers with AmTrust PI insurance an exclusive sneak-preview of the most extensive set of Handbook changes in twelve years.

The Council of Mortgage Lenders have notified Lexsure that they intend to publish important amendments to the CML Lenders’ Handbook for England and Wales on 1 December. The changes represent the largest number of amendments made to part 1 of the Handbook since its latest edition was published in 2002. In all, 33 sections, more than 10 % of the Handbook will be amended.

Lexsure approached strategic partners AmTrust Europe Limited, an ‘A’ rated insurance company, to offer webinar sessions for firms with AmTrust professional indemnity insurance policies. AmTrust, together with its brokers Howden and JLT Specialty, reacted promptly, and a series of exclusive webinars will take place in late November for the insurer’s client law firms.

The live 40 minute webinars, including Q&A, will be hosted by Lexsure chief executive and experienced conveyancer Simon Seaton. They are designed to help law firms gain an insight into the forthcoming changes and enjoy the benefits of dedicated, expert training on the issues raised.

Russell Newell of AmTrust commented, “CML requirements are not guidelines; they are instructions from a conveyancer’s most important client – the lender who funds most purchases. With those instructions about to change in the lead-up to one of busiest times of the year for conveyancers, we wanted to help our law firms reduce the risk of missing these important changes. We are urging our firms to attend the webinars later this month.”

Places at the webinars are limited to firms who are insured with AmTrust and bookings can be made at http://www.completionmonitor.com/december-1st-cml-changes-howden or http://www.completionmonitor.com/december-1st-cml-changes-jlt/.