Tag: CML Handbook
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CML Lenders’ Handbook to be Renamed on 1st July
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on activities previously carried out by the Asset Based Finance Association,…
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Amendments To CML Lenders’ Handbook – 19 June 2017
The following amendments will be made to the Lenders Handbook for England and Wales, Scotland and Northern Ireland on 19 June 2017: England and Wales A minor amendment to reflect that the FASI and MASI professional qualifications are no longer offered. Scotland Updating the Handbook to reflect the closure of the Register of Sasines to…
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Nationwide Building Society Sets Out New Ground Rent,Event Fees and Lease Length Policy
Following it’s announcement earlier this week to make changes to their lending requirements for new build properties the lender has now updated their CML Part 2 instructions. Sections 5.14.1 and 5.14.9 now have the following paragraph added: NEW BUILD PROPERTIES (includes office conversions but does not apply to Shared Ownership) The following are not acceptable:…
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Conveyancers: Are you a Tortoise or Hare?
Conveyancing in recent years puts a premium on speed: the sooner, the faster, the better. You only have to look at most law tech companies in the conveyancing space to see claims of generating ‘greater efficiency’ or claiming that their software ‘speeds up the process’. I recently attended a managing partners seminar where one of…
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CML Handbook – Staying on Top of Changes
All mainstream lenders provide their instructions to property lawyers via the CML Handbook or BSA mortgage instructions. Understanding a specific lender’s requirements and keeping up-to-date with changes can be a time-consuming manual process, particularly given that individual requirements can change on a daily basis. In not addressing or overlooking a lender’s requirements, a solicitor or…
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Will your Borrower Client's Lease Term Accord with CML Handbook Requirements?
Accord Buy to Let is the latest of a number of lenders who have changed their CML Handbook requirement relating to minimum unexpired lease terms (section 5.14.1). The new requirement reads : “85 years from the date of completion of the mortgage“. This replaces the old wording: “60 years from the date of the mortgage…
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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…
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Lenders Start to Change Ground Rules on Ground Rent
Leasehold as a tenure received quite a lot of bad press in 2016 with the BBC and broadsheets such as the Telegraph pointing to the risk of people buying homes with escalating ground rents. This culminated in the Government saying that it would reform leasehold property after a campaign by charities and MPs to challenge…
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Santander Update 'Acceptable' New Home Warranty Schemes
Santander have just updated Section 6.7.1 of their CML Handbook Part 2 instructions to read: 1 NHBC Buildmark 2 Premier Guarantee (New Homes; Self Build; Completed Housing) 3 BLP (Building Life Plans) residential housing warranty insurance (BLP Secure; BLP Secure Plus) 4 BOPAS (Build Offsite Property Assurance Scheme) 5 LABC Warranty (New Homes; Self Build;…
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Metro Bank Updates CML Handbook P2 Instructions
Metro Bank PLC have just updated 15 sections of their CML Handbook Instructions. Some of the more notable section changes include : 5.4.6- Does the lender accept search insurance and, if yes, what are the lender’s specific requirements? 5.14.1- What minimum unexpired lease term does the lender accept? 5.20.1- Does the lender require me to…