The CML Lenders’ Handbook provides conveyancing solicitors with comprehensive instructions setting out what lenders expect conveyancers to do when acting for them.
The handbook is divided into two sections. Part 1 sets out the main instructions to conveyancers, including what searches and enquiries must be carried out, the need for good and marketable title and a first ranking standard security, requirements for new properties, roads and sewers and the release of retentions.
The handbook also deals with transactions during the life of a mortgage such as requests for deeds as well as transfers of equity. Part 2 of the CML handbook details the individual requirements of each lender adopting the handbook which arise from those instructions, for example, contact points should issues arise as part of the conveyance or policy matters such as whether the lender would accept Local search indemnity.