Mortgages  

CML updates lenders’ handbook for Scotland

CML updates lenders’ handbook for Scotland

The Council of Mortgage Lenders will amend its lenders’ handbook for Scotland to reflect industry changes.

The amendments, which come into effect on 8 June 2015, will include the introduction of the land and buildings transaction tax in Scotland, replacing stamp duty.

The handbook will also include changes brought in as a result of the Land Registration (Scotland) Act 2012, which came into effect in December 2014.

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Some wordings have also been updated to reflect changes already made in the handbook for England and Wales.

The CML lenders’ handbook aims to provide comprehensive instructions for conveyancers acting on behalf of lenders in residential conveyancing transactions.

It covers areas including communicating with lenders, the valuation of a property, titles, indemnity insurance and safeguards.

There are separate handbooks for Scotland, Northern Ireland, the Isle of Man and England and Wales.

Background

The amendments are the culmination of work with the Law Society of Scotland to identify improvements that began in September 2013.

These changes follow other amendments made in December 2014, including a note that solicitors and conveyancers are not expected to advise on discrepancies between the valuation report they receive and the report the lender has, unless it is given them directly.