Tag: CML
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New CGT Rules Could Further Complicate Conveyancing
Conveyancing at the higher end of the property market could bear the brunt of changes in capital gains tax (CGT) treatment of UK residential property sales to non-UK residents. To the surprise and dismay of many, the Government is proposing to remove the relief that allows second homeowners in the UK to elect, or flip,…
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Lender Exchange Extended to HSBC Conveyancing Panel
Until today most lawyers probably knew that Lender Exchange would be the preferred lender panel portal for Santander, RBS and Lloyds. It’s now clear that HSBC have joined the ‘Big Three’, albeit initially in a slightly more-limited fashion . While HSBC were not mentioned in previous press releases by the CML or Decision First (the…
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The Latest Battle That Seems Awfully Familiar
A battle is brewing as three lenders — Lloyds, RBS and Santander — are telling their conveyancing panel solicitors that they are required to register with the the respective bank’s panel management service via the Lender Exchange platform run by Decision First, the CML’s chosen supplier. It seems like deja’ vu of HSBC’s conveyancing panel…
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Principality Building Society – Solar Panel Concerns are Conveyancing Panel Concerns
Principality Building Society, the largest building society in Wales and the sixth largest in the UK have today changed their requirements as set out in their CML Part 2 relating to leases of roof space for solar PV panels The new Part 2 requirements confirm the following conditions: 1. The Lease must contain a valid mortgagee…
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Clydesdale Bank Conveyancing Panel Review Due in 2014
Clydesdale Bank currently has 14 firms on the panel, which also covers legal work for Yorkshire Bank, both of which are subsidiaries of parent National Australia Bank. The firms previously appointed in May 2011 are Addleshaw Goddard, Brodies, CMS Cameron McKenna, DLA Piper, Dundas & Wilson, Eversheds, Harper Macleod, Gatelely, Hogan Lovells, Mcclure Naismith, Morton…
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Will the Paragon Conveyancing Panel Portal Become a Reality?
Nearly 2000 firms are waiting to see whether the cost and requirements of being on the Paragon Conveyancing Panel will change 2014 given the CML’s indication that Paragon have expressed interest in the ‘Lender Exchange’ platform. Lender Exchange has been developed by Decision First, in collaboration with a working group of lenders. The announcement by…
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Uninusured Conveyancing Firms About to be Named
Legal Futures has this morning reported that the Solicitors Regulation Authority are about publish a list of those law firms which were to have closed on 29 December because they failed to secure professional indemnity insurance. With approximately 100 firms to be closed it is reasonable to assume that many firms conducted conveyancing. The SRA…
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SRA and CML take opposing views on retention of conveyancing files
The CML has recently expressed concerns with the SRA’s proposals for shortening the retention period as they relate to property deeds and associated conveyancing files. In an effort to reduce expenses the SRA have proposed to put in place a retention period of purchase files for 7 years from date of file closure; or…
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Santander solicitor panel portal to launch in 2014
It looks as though CQS is facing a credibility challenge as the single conveyancing panel management facility supported by the CML. It appears that the CML as well as lenders such as RBS and Santander are supporting a new lender panel portal to be launched in 2014. The Lender Exchange formerly known as http://www.convey-panel.co.uk is…
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The paradox of lender prejudice against sole practitioners
The most common reason given by lenders to remove sole practitioners or high street practices from their panel is that they are compelled to take a more restrictive approach to their selection process all in the name of their ongoing battle to combat mortgage fraud. The irony of the aforementioned rationale is that the exclusion…