Residential mortgages – new mortgage instructions

A new set of mortgage instructions for residential property comes into force on January 1, 2010. The Building Societies Association is introducing the BSA’s Mortgage Instructions to provide, so it says, a full set of conveyancing instructions for conveyancers acting on behalf of BSA Members and their subsidiaries in residential conveyancing transactions. These instructions, which will be made available on the BSA website (www.bsa.org.uk) do not fully replace the CML Handbook. Use of the instructions is voluntary for BSA members. The Law Society understands that approximately 25 building societies initially intend to use the new instructions. BSA members who are also members of the Council of Mortgage Lenders may choose to continue to use the CML Handbook. The BSA says that it “has been mindful of the need not to introduce new requirements that may result in confusion, and excessive or unnecessary changes to building societies’ or their conveyancer’s practical arrangements.”

To read more, click on BSA Mortgage Instructions - FAQs.