A lender has changed their instructions for searches in the lenders’ handbook.
Fleet Mortgages now recognises the Search Code and Formal Search Code Recognition in its Part 2 of the UK Lenders Handbook.
Out of the 124 lenders listed on the UK Finance website, only 12 lenders have formally accepted personal searches produced by Search Code subscribers.
Of this 12, five lenders have partially recognised the Code.
The Council of Property Search Organisation’s (CoPSO) members produce over 2 million searches per year and represent around 80% of all searches produced in the UK property market. The organisation has welcomed the formal recognition from Fleet Mortgages.
James Sherwood Rogers, Chairman of CoPSO said:
“We are delighted that Fleet Mortgages has formally recognised the Search Code and joined all other major lenders in doing so.
“The Search Code is the long established mark of quality for searches produced in the private sector covering a wide range of products that include personal searches, environmental reports, drainage and water searches and mining searches amongst others.
“The Code is recognised in the Law Society’s Conveyancing Handbook and is relied upon by conveyancing lawyers across the country to protect their clients in the home buying process.”
CoPSO members, all of whom subscribe to the Search Code, produce over 2 million searches each year constituting over 80% by volume of all searches produced in the market.
