Conveycentric has been notified by the Council of Mortgage Lenders that they intend to publish important amendments to the CML Lender’s Handbook for England and Wales on July 8, 2013. Members and relevant stakeholders consulted on the changes for the new Part 1 question added as 5.20.4, which were made necessary by the Green Deal.
The specific new Part 1 question states, "Check Part 2 to see whether we require you to disclose the details of any existing Green Deal Plan(s) on a property".
Simon Seaton, CEO of Conveycentric, commented, "We are grateful to the CML who continue to be very helpful in preparing us for major changes so that we can assist the users of LENDERmonitor and COMPLETIONmonitor. We will be notifying about 3000 solicitors and conveyancers of lender-specific requirements on July 8th. Should firms subscribe to services other than Conveycentric’s services, they should, for their own protection, ensure that these services are accurate and timely as lenders will expect compliance from Day 1. We expect amendments to be made to the BSA Mortgage Instructions by October. ".
LENDERmonitor, supported by the CML, provides conveyancers with a free subscription service that sends out email alerts advising when lenders make changes to policies. To sign up of free notifications, click here.
The LENDERmonitor LM04 Policy Search allows conveyancers to establish if there have been any changes to lenders’ policy over a specified date range. Commenting on the search, the CML say, “Lenders regularly change their Part 2 policies. There is now a link from the CML Lender Handbook to Conveycentric’s LENDERmonitor from where conveyancers can easily carry out an LM04 Search before submitting their COT to the Lender and ensure that there are no changes to the Policy that may leave them exposed”.
