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.
CML Handbook sections scheduled to change in December 2014
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.
Lexsure’s guide to the forthcoming Handbook 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 the COMPLETIONmonitor 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.
Looking for historical lender instructions?
To investigate the lender-specific instructions applicable to a transaction in 2014, visit the Lexsure Lender Archive. Select the lender, jurisdiction and relevant date to check available historical Part 2 records. These should be considered alongside the Part 1 provisions, mortgage offer and case-specific instructions applicable at the time.
For earlier historical context, see our analysis of CML Handbook Part 2 changes by chapter in 2013.
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