Wednesday, 6 January 2016

Reliance on CML Handbook Changes in 2016

CML Lender Kent Reliance (a trading name of OneSavings Bank plc) has kick-started 2016’s CML Handbook changes with amendments to eleven on it’s Part 2 sections.

In changes which are consistent with predictions and trends identified in Lexsure’s 2015 Market Complexity Review ,amendments were made to the following sections:

5.4.6- Does the lender accept search insurance and, if yes, what are the lender's specific requirements?
5.7.1a- Does the lender lend on flying freeholds?
5.7.1c- If the lender is prepared to accept a title falling within 5.7 and the property is a freehold flat or flying freehold, to which contact point must this be reported?
5.14.1- What minimum unexpired lease term does the lender accept?
5.20.1- Does the lender require me to report to them where the lease does not meet the CML minimum requirements for leases of roof space for solar PV panels?
5.20.3- Does the lender have additional requirements relating to leases of roof space for solar PV panels, and if so, what are they?
6.6.4- Does the lender lend where the property comes within the definition of a house in multiple occupation? If yes, what are your requirements?
8.1- Does the lender allow me to advise any of the specified third parties?
14.2.2- Which documents must I send after completion?
16.3.7b- What form of attestation clause does the lender use?
17.2.1b- Does the lender send the discharge via a DS 1 form or direct with the Land Registry?

Kent Reliance has not made so many changes to their handbook since December 2014.

To be notified as to Kent Reliance Handbook changes click here.

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