Wednesday, 15 July 2015

TSB Conveyancing Panel to go Through Lender Exchange

TSB as well as five other lenders have decided to make use of the Lender Exchange as part of their conveyancing panel management. Launched last Summer with Santander the Lender Exchange is now being rolled out to the TSB conveyancing panel.

As reported in Inside Conveyancing, Justin Parkinson, Managing Director, Decision First commented: "We’ve been working with some of these lenders since day one, but it simply wasn’t sensible to launch with them all at the same time we’re now delighted to extend the use of the system wider still. This is great news for the law firms already on Lender Exchange as applying to these lenders or retaining their current panel status requires just a few mouse clicks and represents even better value for money as there are no additional charges to be paid. We will strive to bring more lenders on board to further reduce the impact on firms across the UK."

Wednesday, 8 July 2015

Notice for CML Handbook Changes to Insurance Requirements

The CML is introducing an amendment to the Lenders Handbooks for England and Wales, Northern Ireland and Scotland on Monday 30th November 2015. The change will remove reference to Part 2 in the buildings insurance requirement sections of the Handbooks (clause 6.14. England and Wales, 6.13 Northern Ireland and 6.14 Scotland).  The clause will require conveyancers/solicitors to make reasonable enquiries that buildings insurance cover has been arranged for the property from no later than completion and to remind the borrower that they:

  • Must have buildings insurance in accordance with the requirements of the mortgage conditions no later than completion, and
  • Must maintain such buildings insurance cover throughout the mortgage term

Lenders adopting CML Handbook will no longer have an additional list of requirements relating to buildings insurance in part 2 of the Handbook. The change will relate to certificates of title lodged from 30th November.