CML Handbook Archives - Page 3 of 9 - About CQS Conveyancing

Nationwide Building Society – Changes to Conveyancing Panel Instructions

Sep 5, 2016

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in CQS Conveyancing, CQS Policy Templates

Nationwide Building Society have just made important changes to their CML Handbook Part II instructions. One of the changes that caught my eye relates to the lender’s requirements where the seller has owned the property for less than 6 months. The new answer to 5.1.1 reads : We will not normally lend where there is…

Flying Freehold Enquiries Take Off Post Brexit

Aug 29, 2016

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by

Simon Seaton

in CQS Conveyancing, CQS Policy Templates

CML post Brexit figures already indicate a slowdown in housing market. Perhaps it’s not surprising that so called ‘problematic properties’ i.e. those with more unusual characteristics are more difficult to sell. Specialist website www.flying–freehold.com has reported a ten-fold increase in enquires concerning flying freehold this August. This includes calls from a number of sellers who…

Are Property Lawyers Sleepwalking Into Leasehold Nightmare?

Aug 2, 2016

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by

Simon Seaton

in CQS Conveyancing, CQS Policy Templates

Property lawyers in England and Wales are sitting on a potential time-bomb as one and a half million leaseholders face an increased risk of their property plummeting in value, or even becoming unmortgageable. What has changed? A number of lenders have recently increased their minimum unexpired lease term requirements to 85 years. The consequences of…

COT Assurances to Lenders to be Extended

Jan 28, 2016

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by

Simon Seaton

in CQS Conveyancing, CQS Policy Templates

An important amendment is be made to to clause 10 of the CML Lenders’ Handbook on 1 February 2016. The amendment will insert an additional sentence into clause 10.2 as follows: (additional wording in bold) 10.2 We shall treat the submission by you of the certificate of title as confirmation that the borrower has chosen to proceed with…

Skipton make Subtle but Important Change to CML Handbook Requirements

Jan 26, 2016

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by

Simon Seaton

in CQS Conveyancing, CQS Policy Templates

Skipton Building Society conveyancing panel take note. The Society made a recent change to P2 of their CML Handbook. The change was to Section 4.1 The old wording was : The Borrower should provide you with a copy of the valuation. If not, you can obtain a copy from the Completions Team The new wording…

Conveyancing Proved Problematic in 2015 …but it will be Easier than 2016

Jan 13, 2016

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by

Simon Seaton

in CQS Conveyancing, CQS Policy Templates

Conveyancing transactions in England and Wales got more complicated in 2015 as lenders more frequently introduced complex changes for conveyancers, a year-end review of The Council of Mortgage Lenders Handbook by Lexsure Ltd. shows. The London-based software house helps solicitors better manage their firm’s risk via tools such as LENDERmonitor and COMPLETIONmonitor. Even though the…

Reliance on CML Handbook Changes in 2016

Jan 6, 2016

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by

Simon Seaton

in CQS Conveyancing, CQS Policy Templates

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…

A Precise Approach to Builders' Deposits

Dec 20, 2015

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Simon Seaton

in CQS Conveyancing, CQS Policy Templates

Precise Mortgages have a made an important change to their Part 2 CML Handbook requirements relating to incentives. In an amendment to Paragraph 6.4.4 Precise clarify that an an unacceptable incentives includes “..builders’ deposits (with the exception of up to a maximum of 5% of the purchase price of residential purchases which are not for…

Leeds Follow Other Lenders Giving Short Leases a Wider Berth

Dec 17, 2015

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by

Simon Seaton

in CQS Conveyancing, CQS Policy Templates

Conveyancers need to take special note of the recent trend in lenders increasing their minimum unexpired lease terms via amendments to section 5.14.1 of Part 2 of the CML Handbook. If I was still in practice I would definitely be referencing this trend in the report on title sent to clients purchasing leasehold flats with…

Tesco Direct Lawyers on Black Friday

Nov 27, 2015

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by

Simon Seaton

in CQS Conveyancing, CQS Policy Templates

By way of a change to their CML Handbook instructions, Tesco Bank, as of today, require conveyancing lawyers acting for them to notify them of the details of the seller’s lawyer. Section 3.2.3 of the CML Handbook deals with the question : Does the lender require notification of the name and address of the solicitors…

Tag: CML Handbook