Tag: CML Part 2
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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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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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Skipton make Subtle but Important Change to CML Handbook Requirements
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…
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BTL Lenders set out new Tenancy Requirements via CML Handbook P2 changes
One might expect a simple ‘Yes/No’ answer to the following question within the CML Handbook Part 2 : Does the lender require counterpart/certified copy tenancy agreement to be sent to you? In recent years lenders have shoehorned in all sorts of obligations into their Part 2 requirements and last night’s changes are a good example…
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Why Conveyancing Lawyers Need to Get a Grip on CPR
No, I am not talking about cardiopulmonary resuscitation, but rather Consumer Protection from Unfair Trading Regulations 2008 (known as CPR). Whilst estate agents have long been obliged to tell the buyer the truth if asked a direct question, the difference is that now they should give information that they suspect may affect the buyer’s opinion…
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HSBC panel solicitors to reconsider position on freehold flats.
HSBC last week made another change to their CML Handbook Part 2 requirements. This time the amendment was made to the wording of paragraph 5.7.b which relates to whether HSBC will lend on freehold flats. In truth,freehold flats are as rare as a QPR win in the premiership. Most flats in England and Wales are…
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Halifax solicitor panel face new obligations for Transfer of Equity cases
As of the 1st June 2013 solicitors and conveyancers representing Halifax on Transfer of Equity cases will need to inform them as soon as the transfer has taken place. On the 31st May 2013 Halifax transfer of equity requirements changes with Halifax adding the following wording to Paragraph 16.3.7b of Part 2 of the CML…
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Are you a conveyancing solicitor facing a claim by a lender ?
If so consider the following four points after notifying your insurers : Was the valuation report was negligent? If so, and the valuer has insurance or assets, bring contribution proceedings against the valuer. Is this a no transaction case or a reduced transaction case? Lenders frequently try to argue the former without any proper regard…