I heard today of an issue raised with a conveyancer in another firm. She acts for a developer who has converted offices over a shop into residential flats with all appropriate planning and building regulation approvals. The flats are now being sold and the first purchasers solicitor has asked for NHBC, Zurich, Architect's Certificate etc. It appears none of these is available only the building regs completion certificate which is, of course, not a guarantee. A close study of the CML handbook reveals in para 6.6.3 that there is a mortgagee requirement for "newly converted property" to have one of the specified documents. In this particular case the proposed mortgagee has been asked whether they will proceed with the loan with only the building regs certificate and an answer is awaited.
I recently acted for a developer who converted a large victorian house into four flats and we sold them on new 99 year leases and none of the purchasers solicitors asked for any documentation pursuant to 6.6.3 of the CML handbook which was not available in any event.
Am I missing something or are most solicitors unaware of the CML handbook requirements?
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