CML Part 2
Historical articles on lenders’ Part 2 requirements in the former CML Lenders’ Handbook, including changes to conveyancing instructions on property, borrowers and reporting to lenders. Check the instructions applicable to the lender and transaction date.
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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…