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- LM04 Lender Policy Search
Lenders regularly change their Part 2 policies. The LM04 enables conveyancers to easily carry out a search before submitting their COT to the Lender and ensure that there are no changes to the Policy that may leave them exposed.
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.
- How to carry out an LM04 Lender Policy Search
Complete the dates from which you want the search to be carried out. LENDERmonitor allows you to go back 6 months in time from today's date. Typically the search should be carried out from the date at which you first reviewed the papers to the date at which you wish to submit the COT. Insert the name of the Lender. Insert the file reference. Insert the client name and address (optional). Press the Search Now button. Confirmation of the Search request will be sent to you via email.
- The LM04 Lender Policy Search Result
Shortly after submitting the Search request an email will be sent to you with the Search result attached in pdf format. The LM04 Search result will identify whether the Lender has made any changes to their Part 2 requirements over the date range you selected. Where changes have been made, the result will show the section(s) changed, the original text and the revised text. Where there have not been any changes this will also be reported.
Exclusive invitations to webinars on implications of changes to UK Finance Lenders’ Handbook in the conveyancing process. Previous webinars focused on suggested changes to checklists, additional enquiries, Terms and Conditions, Contracts for Sale and Reports on Title