Tag: CML Handbook
-
Are Bank of Ireland Closing the Door on Leasehold Properties?
Yesterday, Bank of Ireland became the 14th lender this year to change their minimum lease term requirements via amendments to the CML Handbook Instructions. Section 5.14.1 (What minimum unexpired lease term does the lender accept?) used to read “70 years unexpired from the date of completion of the mortgage”. This has now been changed to…
-
A Cautionary Tale for Right to Buy Conveyancing Lawyers
The Local Government Ombudsman (LGO) has criticised South Oxfordshire Council for omitting to properly inform buyers of ex-council houses under the right to buy scheme about the restrictions affecting their properties. In two distinct complaints the home-buyers involved had purchased former council-owned houses some years ago. It is of course likely that the complainants had…
-
Coventry Building Society : New Panel Requirements
No…I am not talking about Coventry Building Society conveyancing panel requirements. Rather, the Building Society along with Godiva Mortgages have changed their CML Handbook requirements concerning leases of roof space for solar PV panels. In the last few hours the answer to section 5.20.3 has changed to : Yes, the minimum CML requirements must be met. In…
-
Notice for CML Handbook Changes to Insurance Requirements
The CML is introducing an amendment to the Lenders Handbooks for England and Wales, Northern Ireland and Scotland on Monday 30th November 2015. The change will remove reference to Part 2 in the buildings insurance requirement sections of the Handbooks (clause 6.14. England and Wales, 6.13 Northern Ireland and 6.14 Scotland). The clause will require conveyancers/solicitors…
-
CML Lenders Handbook for Scotland – Changes 8 June 2015
Changes are about to be made to the CML Lenders Handbook for Scotland on Monday 8 June. The main changes include the following: The handbook is being amended to include the introduction of the Land and Buildings Transactions Tax in Scotland, replacing stamp duty. The handbook being brought up to date to reflect changes in Scotland due to the Land Registration…
-
New CML Website goes-live Today
The new version of the CML website has gone live today Monday 1 June. The format and contents of the CML Handbook has not been changed and just has a new look and feel to be consistent with the new website.
-
Minimum Unexpired Lease Terms : From the Fire to the Furnace
Leasehold conveyancing solicitors beware : Lenders are changing their minimum lease term requirements. For the second time in the space of a week a CML lender discarded a whole slice of the leasehold market from being mortgageable for their perspective. Furness Building Society is the latest lender to tighten their minimum lease term requirements.…
-
Metro Bank Conveyancing Panel – New Part 2 Requirements
Conveyancing solicitors on the Metro Bank Conveyancing Panel can, as from today, carry out personal local authority searches as opposed to being required to carry out official searches. By way of a change to the banks’s CML Handbook Part Two requirements the answer to section 5.4.5 (Does the lender accept personal searches and, if yes,what…
-
Birmingham Midshires Conveyancing – Panel Requirements Removed
Just in case your were wondering about whether BM have changed their solicitor panel requirements, the title here is referring to solar panel requirements. In a somewhat surprising move lenders such as Birmingham Midshires, Bank of Scotland and Halifax removed their previous answers to the question 5.14.1 (‘Does the lender require me to report to them…
-
Why even a prophet of doom can be comforting
I’m a specialist in risk, so I can sometimes be accused of being a little conservative in outlook, even for a lawyer. But I suspect that this article will have people reaching for their thesaurus to find stronger words, like “worrier”, “pessimist” or even “doom-monger”. I’m sticking my neck out today to predict that 2015…