Lloyds Banking Group recommends conveyancers use Search Code subscribers
11 August 2014
CoPSO is delighted that the Lloyds Banking Group has decided to amend its part 2 of the CML Lenders Handbook to recommend to lawyers that, when they are using personal searches, they should be supplied by subscribers to the Search Code regulated by the Property Codes Compliance Board (PCCB).
The Search Code provides protection for homebuyers, sellers, estate agents, conveyancers and mortgage lenders who rely on the information included in property search reports undertaken by subscribers on residential and commercial property within the United Kingdom. The Code is now recognised by many mortgage lenders that make specific reference to it in their Part 2s of the CML Handbook.
James Sherwood-Rogers, Chairman of CoPSO noted “the change that Lloyds Banking Group has made to its Part 2 of the Lenders handbook is greatly welcomed and we are aware that much time and thought went into their decision process on this matter. We would now like to encourage the few remaining mortgage lenders that do not make specific reference to the Code to do so without delay to protect their clients and themselves.”