It has been revealed that the Building Societies Association has launched a set of mortgage instructions for conveyancers acting on behalf of BSA members and their subsidiaries.

BSA members have been told that use of these instructions is voluntary along with members who are also members of the Council of Mortgage Lenders who can continue to use the CML Lenders Handbook.

The changes will be known as the BSA Mortgage Instructions, and will be available from January 2010. The BSA says its instructions are of the same standard as alternative conveyancing regulations but has used this chance to streamline the instructions and make them easier to navigate.

An example of this is that the BSA Instructions use fewer headings making it a simpler document to use and understand, therefore transparency is confirmed.

Apart from these chances which will be beneficial, the group believes that the reform will not make any significant impact as to how practitioners do their jobs.

Some societies will be introducing specific requirements that are additional necessities which are set by individual building societies. Therefore, they may vary between distinctive societies.

However, the news has not been welcomed by the Law Society, which has attacked the plans. It says it provided recommendations about the instructions to the BSA, although not all were adopted.

A spokesperson for the Law Society says: "We hope to continue to work with the BSA to develop and refine the instructions. In particular we wish to readdress insurance provisions and the obligations in relation to registering unilateral notices.

"The instructions will be available online and we understand that approximately 25 building societies initially intend to adopt them."

The BSA Mortgage Instructions comprise of two sections: a core set of mortgage instructions; and specific requirements setting out individual lenders’ policies. Currently the system is being used by 31 lenders including 27 building societies.

Valuations increase

In similar conveyancing news, it appears that the housing depression is starting to melt away like the UK’s ice.

A survey and valuation study conducted by a housing firm, stated it witnessed the number of valuations in November soar by over 50% compared to the same time last year.

The latest data from the company shows that in October and November alone, the number of valuations conducted was 40% higher than for the whole of Q4 2008.

There were two-thirds more valuations for first-time buyers last month than recorded for November 2008, though Connells notes that this is from a relatively low base.

As a result, valuations for buy-to-let investors jumped by 7% in October and November compared with Q4 2008, with transactions increasing by over a third on last November.

Ross Bowen, managing director from the group, commented on the increase: "Despite fears over the effects of rising unemployment and an uncertain economic backdrop, we’ve seen the housing market stage a modest recovery.

"The upsurge in the number of valuations conducted is another sign of the distance the market has travelled since 2008.

"If this recovery in activity levels continues in the same vein, we should see a far more positive start to the new year."