Thursday, 9 March 2017

New Building Society Requirements for New Build

Principality Building Society have changed their CML handbook requirements to section 6.7.1 extending the obligation to the solicitors acting on their behalf.

When it comes to checking on acceptable warranty schemes for new build or newly converted properties, lawyers are now expected to ensure that the level of cover available under the warranty will be sufficient to meet the rebuilding cost of the property. A calculation will be necessary when the proposed security forms part of a continuous structure.

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