CML updates conveyancing and valuation processes

The new procedures, which come into effect from 1 September, are being implemented in response to lenders’ concerns over the current valuation and conveyancing processes. Some lenders believe the current processes do not always capture discounts and other incentives that buyers may be able to negotiate with developers when purchasing newly-built property. In some instances, this can result in a lender unintentionally offering a mortgage based on a valuation of a property that is higher than the true price paid. The new procedures aim to ensure the conveyancing and valuation processes c...