CML announces Scottish Handbook changes
Changes to its Handbook setting out instructions from mortgage lenders to solicitors in Scotland were announced today by the Council of Mortgage Lenders.
The changes, which take effect from 8 June 2015, reflect the amended law under the Land Registration (Scotland) Act 2012, and the introduction of land and buildings transaction tax in place of stamp duty land tax in Scotland, but also embody the outcome of negotiations with the Law Society of Scotland following the defeat of the proposed practice rule to require separate representation of mortgage borrowers and lenders.
The section on good and marketable title has been revised in Scotland to reflect changes made to the wording already amended in the Handbook for England & Wales.
The new amendments follow on from previous amendments put into practice in December 2014.
Welcoming the outcome, Alistair Morris, President of the Law Society of Scotland, said: “The updated Handbook is good news for conveyancing solicitors in Scotland.
Mr Morris, who also convened the Society’s CML working party, commented: “Updating the Handbook has been a joint process between the Society and the Council of Mortgage Lenders. We have worked constructively with the CML to ensure that the changes to the Handbook provide clarity for conveyancers on a range of areas and make it more suitable for Scottish practice and procedure – and of course it’s worth remembering that the Handbook is a living document and will require further changes as time progresses and risk and practices change.
“It’s important that solicitors are aware of the changes and follow the CML Handbook to ensure that their work on behalf of their lender clients, as well as homebuyers and sellers, progresses smoothly.”