Thursday, 5 February 2015

Metro Bank Conveyancing Panel - New Part 2 Requirements

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

By way of a change to the banks'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- We recommend that any firm carrying out a personal search is registered under The Search Code monitored by the Property Codes Compliance Board..'

Other lenders have made a similar recent changes to the CML Handbook Part 2 section.

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.

Lexsure data reveals that the conveyancing solicitors in London are more likely to carry out personal searches.

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