Tag: CML
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HSBC publishes new Part 2 requirements on the CML website
HSBC Bank PLC have, within the last 24 hours published their CML Handbook Part 2 requirements on-line for the first time. Up until now,HSBC had issued their blue booklet of conveyancer requirements direct to lawyers with their mortgage offers. Up until now, if you were searching on-line for the CML handbook Part 2s for HSBC…
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Nat West change P2s relating to Shared Ownership
National Westminster Home Loans have just changed their version of Part 2 of the CML handbook relating to Shared Ownership. Section 5.18.1 now reads “We do not lend on shared ownership properties. For shared equity and affordable housing you need to notify us (as detailed above in 1.11a) giving details of the proposal.” What do…
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A few conveyancing questions for you :
* Arm’s length Transactions. When is it permissible to act for both parties? Do you understand the rules? * Are you familiar with the types of instruction that may be acceptable from a lender, in compliance with R.3? * Guidance on Conflicts and Confidentiality * Identification issues: what is acceptable to the Lender? How are…
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Cutting out the bad apples
On the 20th October 2010 Michael Coogan Director of the CML advised at the Property in Practice Conference “…. we do not yet know if CQS will meet our expectations for monitoring, supervision and auditing or that it will have an annual budget to ensure it is robust. And robust is not just record-keeping firm…
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Early Completion and the CML
The CML Lenders’ Handbook for England and Wales has not been changed to take into account early completion at the Land Registry. Even though early completion may alter the order of events at the Land Registry the actual conveyancing process remains the same. The Land Registry change offers conveyancers some protection as far as subsequent…
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Conveyanacers Beware – Property Fraud likely to top £1b in 2010
Approximately £1 billion a year is predicted by the National Fraud Association to be lost through mortgage fraud. Since the onset of the recession, mortgage lenders have gone to greater lengths to combat fraud and protect their businesses (partly driven by their insurers). For example, with sub-prime, buy to let and self-certified mortgages proving to…
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When extending a “priority search” is not enough !
One major difference between the BSA instructions, introduced last month, and the CML Handbook is additional clauses dealing with the registration of mortgages where a priority period has expired. Clause E.30 states “If you cannot register our mortgage within the priority period afforded by your Land Registry Search made before completion you must register a…
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Law preventing pulling of rug from under tenants feet
Last week saw the second reading, in the House of Commons, of The Mortgage Repossessions (Tennant Protection ) Bill. The proposed legislation aims to give private tenants greater protection from repossession if their landlord defaults on the property mortgage. If passed it is believed that the Bill would close a legal loophole causing problems for…
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Market Harborough Building Society publish Conveyancing Documentation
Market Harborough Building Society ( a CML Member ) have today published on their web site all of the documents that a conveyancing solicitors will require in order to progress a standard mortgage transaction with the Society . These conveyancing documents include : Mortgage Terms and Conditions Schedule of Documents of Title Building Society Agreement…
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Council of Mortgage Lenders calls for abolition of Stamp Duty
The CML in recent report expressed it’s belief that fundamental reform of stamp duty is necessary. It states that it regards Stamp Duty as a tax that discourages labour mobility, and with it’s “ tier ” structure has the effect of causing transactions to “bunch” just under each of the tax thresholds. The CML state…