CML issues new instructions for conveyancers

CML’s new conveyancing rules will take effect in England and Wales from 2 July.

The Council of Mortgage Lenders has today (12 June) issued a new set of instructions for conveyancers acting for lenders under separate representation conveyancing transactions in England and Wales.
Following extensive consultation and development, the new instructions are designed to apply when a solicitor or licensed conveyancer is acting only for a lender, rather than for both lender and borrower, in house purchase transactions.
The new instructions will form a new part of the CML lenders’ handbook for conveyancers, and will take effect in England and Wales from 2 July.

Read More - http://www.ftadviser.com/2012/06/12/mortgages/mortgage-data/cml-issues-new-instructions-for-conveyancers-AGdZaS5aUJv1WJrzCBFfFM/article.html

House prices fall at fastest pace for six months in April - RICS

House prices fell at their fastest pace for six months in April as a temporary boost from a tax holiday and unseasonally warm weather in March faded, a survey showed on Tuesday.

The Royal Institution of Chartered Surveyors' (RICS) seasonally adjusted house price balance fell to -19 from a slightly downwardly revised -11 in March, substantially undershooting economists' forecasts for a -10 reading.

London was again the only part of the country where house prices rose, albeit at the slowest rate since mid-2011.

And for the first time since September, home sales declined.

House prices had earlier been supported by an exemption for first-time buyers from a transaction tax on homes worth less than 250,000 pounds which expired in late March, as well as by unusually warm weather which boosted viewings.

Read More - http://uk.reuters.com/article/2012/05/08/uk-house-prices-idUKBRE8470B220120508