What does 'CML Handbook' mean when buying a property?
Find out what CML Handbook means when you are buying a property. 'What does CML Handbook mean?' plus over 150 other property related terms and jargon in plain English
The Council of Mortgage Lenders (CML) issue a handbook to all solicitors.
This is an industry wide accepted document that sets out what checks all mortgage lenders expect a solicitor to have completed before a mortgage can be secured against a property.
Not it is the minimum set of requirements. Individual lenders may require or request checks over and above this if they feel some aspects of the property need further clarity.
Requirements of an individual lender can also vary depending on the Loan to Value of the mortgage. The less you are borrowing (as a percentage of the property value) the more relaxed the lender will be because their risks are lower.
If you want to find out how to make sure your mortgage application breezes through the entire purchase programe pick up a copy of my ebook How to Really Buy a Property.