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 process.
Use of these instructions is voluntary for BSA members. Those who are also members of the Council of Mortgage Lenders can continue to use the CML Lenders Handbook. This could result in conveyancers needing to view two sets of conveyancing instructions- the CML’s and the BSA’s.
Some individual building societies will introduce specific additional requirements, leading to variations between individual societies.
The Law Society has condemned these plans, commenting that though it did provide recommendations regarding the instructions to the BSA, not all were adopted.
A spokesperson for the Law Society says: “We hope to continue to work with the BSA to develop and refine the instructions. In particular we wish to readdress insurance provisions and the obligations in relation to registering unilateral notices.
It is understood that 25 of the 54 building societies initially intend to adopt the new conveyancing instructions.