Tag: CQS Dealing with Lender Policy
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Webinar : Auditing your Conveyancing Cases – Lifting the Carpet.
CQS audits are on the in increase. I will be conducting a 30 minute webinar later this month focusing on providing helpful tips what to look out for and what the main regulatory tick boxes are when it comes to CQS audits. Helpful guidance will be given on the following areas: If you are interested…
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Leeds Building Society – Shared Ownership Mortgage Requirements
Leeds Building Society conveyancing panel should be aware that it is a standard offer requirement that Leeds Building Society receives a copy of the Housing Association consent to their mortgage BEFORE funds are released. This lender policy requirement is missed by some firms (CQS or otherwise). Firms need ensure that this is submitted before the…
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CQS Dealing with Lender Policy – Confidentiality
“It is imperative to give special attention to the duty of confidentiality when the Firm is representing both a borrower and a lender simultaneously. The Firm must thoroughly consider the implications if there are any changes in the purchase price or if it becomes aware of any other information that the lender would reasonably consider…
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Will Latest HMLR Initiative Hurt Firms?
At first instance, the latest HMLR dealing with lender policy seems like a helpful initiative. Don’t be fooled though: there is a sting in the tail. HM Land Registry has recently initiated the provision of direct access to application data for lenders. This access allows them to view the status of all mortgage security registration…
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Operational Policies for CQS Conveyancing
CQS accredited firms must implement all required modifications to their firm’s policies, controls, and procedures (PCPs). It is essential to provide comprehensive training to staff regarding these changes, clearly documenting the effective date and the potential assessment regime in place, especially in anticipation of the CQS renewal. The adjustments to the CQS Core Practice Management…
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Drafting A CQS Dealing with Lender Policy Template
Section 6.4 of the 2022 Conveyancing Quality Scheme (CQS) Core Practice Management Standards (CPMS) requires CQS-accredited law firms to have a Dealing with Lenders Policy in place. However, it has been brought to my attention that SROs face challenges in formulating this particular CQS policy. A meticulously formulated CQS Dealing with Lenders Policy, should accurately…
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CQS Dealing with Lenders Policy – What’s the Point?
The primary objective of a Dealing with Lenders Policy is to make it clear that when acting on a purchase or remortgage, the lender is just as much your client as the borrower. Therefore, one has a professional duty to follow their instructions. This is reinforced in the 2022 CQS Core Pratice Managment Standards. When…
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Nationwide Update – Release of Funds
Possibly due to the increasing trend of exchanging and completing simultaneously, Nationwide Building Society have issue the following update to lawyers concerning fund requests: Help us to continue to help you & our members… Due to unprecedented volumes, we are implementing an earlier cut-off for same-day funds requests. From 25/06/20 up to and including 01/07/2020,…
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Handbook Changes – Top Lenders Start 2018 with Updates
It has been a busy start to 2018 when it comes to lenders changing their Handbook instructions. Three weeks into to the new year eleven lenders have updated their instructions via Part 2 of the UK Finance Mortgage Lenders’ Handbook for conveyancers. Twenty six sections have been changed. Examples of top lenders who have made…
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HSBC Stops Lending on Leaseholds with Onerous Ground Rents
HSBC have become the latest lender to change their CML Handbook instructions to lawyers in relation to ground rents. Policy 5.14.9 of HSBCs CML Handbook Part 2 now reads We will not provide residential or Buy to Let Mortgages in the following circumstances: • The property is subject to an onerous Lease clause regarding an…