From 1st July the Council of Mortgage Lenders is integrated into a new trade association, UK Finance. For the time being, all UKF mortgage information will continue to be published on this website, and UKF member-only mortgage information will only be available here.

UK Finance represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation takes on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association. Please go to www.ukfinance.org.uk for wider content and updates from UK Finance.

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Lenders consult on separate representation by conveyancers

News

Published: 29 June 2011 | Author: Bernard Clarke

The CML is now consulting with members and others on a draft set of instructions for conveyancers representing the lender - but not the borrower - in house purchase transactions.

Separate representation is common in commercial transactions, but in residential purchases conveyancers have traditionally represented both the lender and the borrower/buyer.

Separate representation is now more likely to occur in transactions considered to be of higher risk, where there is a conflict of interest, or where the borrower wishes to use a conveyancer who may not on a lender's panel of approved practitioners.

A sub-group of the CML’s legal advisory panel has now developed two documents, the draft set of instructions for separate representation and a standard letter that can be sent out to conveyancers.

The CML is now consulting with lenders and other interested parties on these documents. The consultation will run until the end of August.