A Matter of Priority: LM04 Lender policy search
Lenders regularly change their Part 2 policies. In fact, statistically, there is a 50% chance that a lender will change their instructions during the lifecycle of a purchase case where there is a mortgage. The LM04 is an essential pre-completion search enabling conveyancers to check for changes to a lender's Part 2 instructions before submitting their CoT.
A search of the Lender Policy Database is typically carried out just prior to the request to drawdown funds and covers the period from when the documentation on the transaction was first reviewed. If changes have occurred during this period, the Search will highlight the original and new text within the relevant sections of the Policy.
If no changes have occurred, the search results will reflect this as well. Shortly after you submit the search request, the results will be emailed as a PDF.