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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MPs debate the conveyancing process

Week in Westminster

Published: 10 June 2016 | Author: Michelle Vosper

Conservative MP for Colchester Will Quince introduced a short debate on the conveyancing process. He cited that one in five property transactions fall through each year resulting in around £270 million wasted on legal fees and surveys. Mr Quince highlighted some of the “obstacles and frustrations” of the system. He suggested that the mortgage application process should be simplified and standardised with particular reference to the CML’s Lenders Handbook; there should be agreed protocols and procedures in the conveyancing process; estate agents should be licensed; and regulation introduced for the sector dealing with leasehold property. In response, justice minister Dominic Raab referred to the Department for Business, Innovation and Skill's plans to publish a call for evidence on home buying, “exploring options to modernise the process and provide consumers with different and potentially quicker, simpler, cheaper and more effective ways to buy and sell a home”. The call for evidence will be published later this year.

A range of subjects were covered during DCLG questions this week, including starter homes, right to buy and affordable housing generally.

Both Houses are expected to rise ahead of the EU referendum on Wednesday 15 June, and return on Monday 27 June.

The June issue of our parliamentary newsletter, Housing finance at a glance, covered current mortgage market activity, our response to the starter homes technical consultation, 7-day mortgage switching, and privatisation of the Land Registry.