When you’re buying a property, it is important to understand the legal processes involved in the mortgage. One of the key documents you need to know about is the Council of Mortgage Lenders (CML) Handbook. This handbook is a set of guidelines and requirements for mortgage lenders in the UK that outlines the legal procedures and standards that must be followed when financing a home.
The Purpose of the CML Handbook
The CML Handbook provides a comprehensive guide to lenders on the legal requirements for mortgage lending. It covers all aspects of the mortgage process, from the application to completion, and provides lenders with clear guidelines on what they are required to do at each stage of the process. The handbook is an important tool for mortgage lenders as it helps to ensure that they comply with all legal requirements and provide customers with a high-quality service.
What’s Included in the CML Handbook?
The CML Handbook is divided into several sections, each covering a different aspect of the mortgage lending process. Some of the key sections include:
- Application and Offer
- Valuation and Property
- Legal
- Completion and Post-Completion
Each section contains detailed information on the procedures and requirements that lenders must follow. For example, the ‘Legal’ section provides guidance on the legal documents that must be obtained and the checks that must be carried out to ensure that the borrower has legal title to the property.
Why is the CML Handbook Important?
The CML Handbook is an essential guide for mortgage lenders as it helps to ensure that they comply with all legal requirements and provide customers with a high-quality service. By following the guidelines set out in the handbook, lenders can ensure that they are providing a fair and transparent service to customers, which is essential for building trust and confidence in the mortgage industry.
For customers, the CML Handbook provides a valuable source of information on the mortgage process. By understanding the guidelines that lenders must follow, customers can better understand the legal procedures involved in the mortgage and ensure that they are getting a fair deal.
How to Access the CML Handbook
The CML Handbook is available online and can be accessed by mortgage lenders, solicitors, and other legal professionals involved in the mortgage process. It is also available to the public, although some sections may be restricted to certain users.
In Conclusion
The CML Handbook is an essential guide for mortgage lenders and a valuable resource for customers. By providing clear guidance on the legal procedures involved in the mortgage process, the handbook helps to ensure that lenders comply with all legal requirements and provide customers with a high-quality service. If you are buying a property, it is important to understand the contents of the CML Handbook and the legal procedures involved in the mortgage process.