CML

The Council of Mortgage Lenders (CML) reports that gross lending for April 2010 has declined. I wrote only last week in my blog that lenders and buyers could sigh in relief at the mortgage approval figures for March and the preceding nine months only to find myself writing quite the opposite...

Should I use a Broker?Some home buyers wish to obtain a mortgage through a mortgage broker and others like to approach the lender directly. It is a matter of preference. If your circumstances are a little complex, eg, past financial difficulty etc. then you may wish to consider instructing a broker...

 The 2009 Annual Report for the Council of Mortgage Lenders (CML) was published last week. It signals hope for lenders and borrowers in the current climate. On the back of the elections and the disarray the election results caused, this is indeed welcome news. The report says that although the...

Last year’s government scheme exempting home buyers from Stamp Duty surpassed original Council of Mortgage Lenders (CML) estimates. During this concession period, 57% of homebuyers were exempt from Stamp Duty tax. In 2008 the government temporarily raised the nil rate thresholds for stamp...

The Building Societies Association (BSA) has developed a set of mortgage instructions for conveyancers acting on behalf of BSA members and their subsidiaries. These ‘BSA Mortgage Instructions’, available from January 2010, will further complicate the already laborious conveyancing...

When purchasing a property with freehold title, on completion you will own the property and the land it is situated on, outright.  You purchase the property from the seller, and in the majority of cases, no third party is involved in the transaction.  When purchasing a leasehold property,...

A number of major of lenders’ have overreacted to Zurich announcement to exit the Home Warranty and Building Control Market. 98 of Lenders in the UK publish their requirements to conveyancers through the CML Lenders Handbook.  That handbook requires lenders to specify what building...

Here is a question for you Conveyancing Solicitors out there:Do you remember conveyancing before the introduction of the CML Lenders Handbook?  For many, simply reading that question will send a shiver down their back.  Prior to the introduction of the Lenders’ Handbook...

The UK’s Lenders via the Council of Mortgage Lenders (CML) has responded to the Law Society’s consultation paper “Improving Residential Conveyancing”. The Law Society has requested views on the future of residential conveyancing. Measures discussed in our consultation...