Tag: CML Handbook
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Skipton Update Adult Occupier Requirements
Amongst the recent changes to their CML Handbook Part 2 requirements Skipton Building Society have made a change to Section 7.3. That section deals with the question: Does the lender require a consent to mortgage from all occupants aged 17 or over? The old wording used to be: Yes, using our standard Form of Consent,…
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Are Lenders Putting Conveyancers in a Stranglehold over Knotweed Obligations?
HSBC is the third lender in the space of a three week period to impose new requirements in relation to Japanese knotweed. In an update to their answer to 5.4.4 of Part 2 of the CML Handbook HSBC’s new requirements reads: Japanese Knotweed – You will need to advise the Bank if you become aware that…
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HSBC Introduces Independent Advice Requirements for 'Unequal' Borrowers
In a recent change to their CML Handbook Part 2 requirements, HSBC have imposed new obligations on their conveyancing panel when it comes to advising joint borrowers. One might expect Section 8.1 (‘Does the lender allow me to advise any of the specified third parties?’) to focus solely on 3rd parties. Not so in the…
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CML Handbook Changes: Tis the Season for Melancholy
If a conveyancing lawyer were to identify the period where they were under the most pressure it would be the last quarter of the year,being the lead-up to the seasonal holidays. Buyers and sellers agreeing a house sale or purchase almost invariably focus on completing the deal ahead of the Christmas break. Home movers, estate…
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Japanese Knotweed : Knot Disclosing to Lenders
This week three lenders followed HSBC’s lead* in using the CML Handbook Part 2 to set out their conveyancing instructions relating to Japanese Knotweed. What should otherwise be a simple ”yes-or no” to question 5.4.4 instead stands as just the latest example of how lenders can utilise Part 2 of the CML Handbook to heap…
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Kensington Opens Doors to HMOs..But…
Kensington Mortgages have changed their attitude and CML Handbook instructions relating to houses in multiple occupation. Up until yesterday the lender specified via Part 2 Section 6.6.4 that it would not lend where the property came within the definition of a house in multiple occupation? The new answer to Section 6.6.4 reads: Yes, on the basis that…
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Leading Lenders say 'No' to 'Novation Contracts' via CML Handbook Changes
In the last 24 hours seven lenders have changed their CML Handbook requirements adjusting their instructions at section 5.1.1. The new wording makes it clear that applications which involve ‘Assignable Contracts’, ‘Fulfilment Contracts’, ‘Assisted Contracts’, ‘Assignment Contracts’, ‘Novation Contracts’, ‘Transferable Contracts’ or irrevocable powers of attorney in favour of intervening sellers are not acceptable. Law…
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10 Reasons why Lawyers do not concern themselves with CML Handbook changes
Over the last few years I have visited and spoken with many firms of all shapes and sizes around the country. Given the nature of the technologies that Lexsure implements, it’s inevitable that the conversation turns to the importance of tracking and complying with lender requirements. Lawyers I speak with often believe they’re on top…
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HSBC – Change to Conveyancing Panel Instructions
HSBC have just made important changes to their CML Handbook Part II instructions. An amendment to section 5.8.1 means that they will no longer accept security which comprises a building converted into not more than four flats where the borrower occupies one of those flats and the borrower or another flat owner also owns the…
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Santander add to List of Acceptable New Home Warranty Schemes
By way of and adjustment to their CML Handbook Part 2 instructions Santander have added the following to the list of acceptable new home warranty schemes : Advantage – AHCI Latent Defects Insurance Policy Aedis Warranties – New Build 10 Capital Warranties – New Build Structural Warranty International Construction Warranties (ICW) – Residential New Build…