Home buying and selling
The following issue updates are available for Home buying and selling.
Automated valuation models (AVMs) in the context of Basel 2 - FSA guidance
29 December 2008 | This page provides the FSA's view on how automated valuation models (AVMs) can be used in the context of Basel 2.
Commonhold
30 July 2008 | Provides a brief overview of commonhold and related issues.
Conveyancing and Land Registry issues
1 December 2008 | This deals with issues relating to general conveyancing issues particularly relating to the Land Registry. Lenders may wish to expand their CML Lenders' Handbook part 2 requirements about personal local searches in home information packs. The Land Registry has confirmed a change in practice relating to estate contracts protected by unilateral notices. E-conveyancing is dealt with in a separate policy page.
Electric and magnetic fields (EMFs)
17 September 2008 | This page provides an update on current work on electric and magnetic fields and their potential to impact on lending.
Electronic conveyancing
26 September 2008 | The Land Registry's revised timetable for e-conveyancing. An update on the introduction of EDS1, e-charges, e-transfers and Land Registry fees. Members using EDS may want to check that the e-transfer proposals do not cause an issue for them under the EDS fee structure. The LR is planning to carry out market research into electronic funds transfer and the chain matrix.
Home information packs - recent developments
29 December 2008 | Updated to include links to the recent government announcement of consultations on a new property information questionnaire and charges for local authority property searches.
Home inspectors and valuations
29 December 2008 | This page provides information on the possibility of home inspectors with a new valuation qualification providing valuations for lenders.
House-buying and selling in Scotland - Reform
21 November 2008 | The Scottish Government has announced plans to reform the house-buying and selling process in Scotland by introducing the home report with effect from 1 December 2008. This will impact on members lending in Scotland and a number of issues to be considered are included for members.
Modern methods of construction (MMC): the new LPS 2020 certification standard
14 October 2008 | We have been working with the Building Research Establishment (BRE) to develop a certification standard to meet lender concerns about the design, maunufacture and onsite erection of MMC.
Mortgage regulation – cost transparency of valuation
21 November 2008 | Explains that lenders are required to disclose administration fees levied in connection with mortgage valuations.
New build
27 November 2008 | This page gives information about the conveyancing and valuation of new-build properties. Including the CML's disclosure of incentives form, the associated frequently asked questions document and an updated version of the RICS Red Book guidance to valuers on the issue.
Property information systems common exchange standard - PISCES
10 October 2008 | PISCES enables the electronic transfer of information directly from one system to another. Lenders are encouraged to adopt PISCES standards and assist in developing new ones.
Rome 1 regulation on applicable law: implications for mortgage lenders
8 July 2008 | This paper provides an update on aspects of the regulation of relevance to mortgage lenders. The regulation was agreed by the European Parliament in December 2007 and was signed off finally in Council on 17 April 2008. It has now been put nito the Offical Journal, signalling formal adoption.
Valuation and survey procedures - simultaneous processes
21 November 2008 | Explains that lenders may in some circumstances be prepared to accept a mortgage valuation carried out by a surveyor instructed by a borrower to carry out a buildings survey or homebuyer's survey and valuation.
