UK Finance has deferred the launch of its new Mortgage Lenders’ Handbook, which was due to be live from 2 March.
Last week, the trade association for the UK banking and financial services sector dropped plans to introduce a £50 fee for conveyancers to register to use the new handbook. The organisation has now pushed back the launch until the end of June, although the date has yet to be confirmed.
In an email sent to conveyancing bodies, UK Finance said the decision had been made following user-testing and engagement with its members, as well as users of the handbook.
Postponing the launch will ensure users are able prepare for the updated handbook and “familiarise themselves with its functionality,” the organisation explained.
The decision comes as conveyancing organisations welcomed the “positive” reaction of UK Finance in response to widespread criticism of plans to introduce the fee.
“We commend UK Finance for reacting swiftly to the strength of opposition against the proposal to introduce a charge, including from the Law Society on behalf of our members,” said Mark Evans, president of the Law Society.
“It was always the wrong decision to charge conveyancers to pay a subscription fee to access the lender’s instructions on the handbook, and it is positive to see UK Finance has realised this as well,” Conveyancing Association director of delivery Beth Rudolf said.
“This shows what can be achieved when the sector works together.”
Simon Law, chair of the Society of Licensed Conveyancers, said the outcome “demonstrates the strength and impact of a united profession,” while CILEX said it was “grateful to them for listening”.
The current handbook will be accessible until the new launch date. UK Finance encourages conveyancers to take part in a new phase of technical user acceptance testing of the platform; to take part, email mlh@ukfinance.org.uk
