JSMedia – The Council for Mortgage Lenders (CML) has announced that the CML Lenders’ Handbook for Scotland will be amended in the coming months. The revised handbook will contain instructions for conveyancers acting on behalf of mortgage lenders.
The changes have been approved by the Handbook Oversight Committee and will come into effect from 8 June 2015. The Council for a mortgage lender’s handbook is essential for all lenders and conveyancers.
Amendments to the Council for Mortgage Lenders’ Handbook
Conveyancing solicitors must be familiar with the Handbook’s requirements, and must make themselves aware of them. Non-compliance will be deemed a breach of the Handbook and may result in claims of negligence or breach of contract. According to the CML Handbook, claims against solicitors are rising at an alarming rate. Solicitors must make sure they are compliant with the new rules, or they risk being sued for non-compliance.
To ensure that borrowers receive the best advice and protection, conveyancers must be familiar with the CML Handbook’s reporting requirements. Failure to do so can result in a claim for breach of contract or negligence. This type of claim accounts for a significant proportion of all claims made against solicitors. By making sure they know the changes to the Handbook, conveyancers can ensure their clients’ protection.