Tag: Novation Contract
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Leading Lenders say 'No' to 'Novation Contracts' via CML Handbook Changes
In the last 24 hours seven lenders have changed their CML Handbook requirements adjusting their instructions at section 5.1.1. The new wording makes it clear that applications which involve ‘Assignable Contracts’, ‘Fulfilment Contracts’, ‘Assisted Contracts’, ‘Assignment Contracts’, ‘Novation Contracts’, ‘Transferable Contracts’ or irrevocable powers of attorney in favour of intervening sellers are not acceptable. Law…