Tag: CML Handbook
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Monmouthshire Building Society Conveyancing Panel – Clarification on Planning and Building Regulation Time Limits
Monmouthshire Building Society have made a number of recent changes to their CML Part 2. In particular the Society has clarified requirements in terms of time limits for planning and building regulation consents. The Society have now made it clear to it’s conveyancing panel that no time limit should be applied in respect of conservation…
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Law Society Revises Local Authority Content in Line with New Risks
Just over six months ago the Law Society consulted on proposed changes to the CON 29 and CON 29O forms, also know as ‘Local Authority Searches’ and ‘Conveyancing Searches’. Local authority searches are a vital part of the conveyancing process and are used by conveyancing solicitors to request information about matters affecting a property, such…
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When the Flood Waters Recede, Will Conveyancing Lawyers Face a Deluge of Claims?
While debate in the last couple of years has centered on availability of flood insurance, that conversation will soon turn to the impact of flooding on property values and what solicitors advised clients on flood risk and the availability of flood searches. Because a serious flood event typically drives down the value of a property,…
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Buy-to-Let Conveyancing on the Increase and Set to Continue
Following on from a very active fourth quarter, 160,900 buy-to-let conveyancing purchases involving a mortgage took place in 2013, a jump of 23% compared to 2012. The increase has been fuelled by Buy-to-let landlords benefiting from record low mortgage rates. Competition amongst lenders has seen fixed interest deals at a new low, brokers say. Mortgage…
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Kensington Mortgage Conveyancing Panel and Broker Panel Witness Changes
Kensington Mortgages have changed their policy when it comes to lending on new build properties where the property does not have the benefit of a new home warranty scheme. Up until today the lender would not lend on new build properties not subject to an acceptable scheme. Kensington have changed their CML Handbook requirements which…
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2013 Purchase and Remortgage Conveyancing Numbers Revealed
The CML have today issued a press release relating to information to First Time Buyers. I stumbled across the following information data which reveals the number of purchase and remortgage conveyancing transactions in 2013. That’s nearly one million transactions where a CML Part 2 or BSA requirements applied.
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Conveyancing Issues to Prompt CML Handbook Changes in Scotland
Conveyancing issues have come out as a priority according to a recent Law Society of Scotland poll of its member solicitors. Following the “no” vote against the separate representation of borrowers and lenders in conveyancing transactions at the SGM in September 2013 a small Working Party of the Society’s Council has been established to meet…
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Most Changed CML Handbook Part 2 Sections (England & Wales) 2013
# changes Section number Question 110 17.2.1b Does the lender send the discharge via a DS 1 form or direct with the Land Registry? 78 6.7.1 What new home warranty schemes are acceptable to the lender? 74 5.20.4 Does the lender require you to disclose the details of any existing Green Deal Plan(s) on a…
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Summary of Pros and Cons of Separate Representation
Advantages Clarity of the obligations of solicitors and removal of any possibility of a conflict of interest arising, thus ensuring that clients on both sides of a security transaction receive truly independent advice. Reduction in the number of negligence claims arising from breach of CML Handbook or BSA Mortgage Instructions. Ultimately this should reduce the cost of PI…