Professional practice updates 2015
Professional Practice Updates May 2015
CML Working Party Update
The Law Society of Scotland has welcomed amendments to the Council of Mortgage Lenders (CML) Scottish edition handbook.
Alistair Morris, President of the Law Society of Scotland, said: “The updated handbook is good news for conveyancing solicitors in Scotland.
Mr Morris, who has also convened the Society’s CML Working Party, said: “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. 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.”
The newly updated handbook reflects recent legislative changes in Scotland including the new Land and Buildings Transaction Tax which came into force on 1 April this year and the Land Registration etc (Scotland) Act 2012 which came into effect at the end of 2014. It also includes an amendment to the requirements on good and marketable title.
The Law Society CML Working Party was formed following agreement on the need for amendments to the handbook to better reflect Scots conveyancing law and practice. It followed a vote against separate representation of borrowers and lenders in residential conveyancing transactions at a Law Society general meeting in September 2013. The group has now completed its work with the CML on amendments to the Scottish version of the CML Handbook.
The amendments to the CML Scottish Handbook are available to read on the CML website.
The CML news release is also available to read.