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Notice for CML Handbook Changes to Insurance Requirements

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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.
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