The changes will only relate to certificates of title lodged from and including 30th November 2015. Similar changes seem likely to be made in Northern Ireland and Scotland.
Clause 6.14 in part 1 of the CML Handbook will remain - solicitors are to continue to make reasonable enquiries of the borrower that buildings insurance cover has been arranged for the property, no later than completion.
Therefore, after 30th November 2015 solicitors and conveyancers who have been instructed to act for lenders on the basis of the Handbook, will retain the obligations to remind the borrower that they must:
- Have buildings insurance in place in accordance with their mortgage conditions no later than completion.
- Remind the borrower that the cover must be maintained for the whole of the mortgage term.
Read the full Today's Conveyancer article here