Gang involved in £5m mortgage fraud given jail sentences – BBC News

Posted December 19th, 2014 in conspiracy, fraud, mortgages, news, sentencing by sally

‘A gang of people who carried out an “audacious” mortgage fraud worth more than £5m have been jailed.’

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BBC News, 18th December 2014

Source: www.bbc.co.uk

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Suspending belief – Nearly Legal

Posted December 15th, 2014 in appeals, equity, land registration, landlord & tenant, mortgages, news, Supreme Court by tracey

‘We have dealt with the basic facts in Scott v Southern Pacific Mortgages Ltd [2014] UKSC 52 when considering its previous incarnations (Cooke v Mortgage Business [2012] EWCA Civ 17 and Re North East Property Buyers Ltd [2010] EWHC 2991 (Ch)). In summary, the basic question for the Supreme Court was this: where a seller has agreed, prior to the contract of sale, that the buyer will grant the seller a tenancy after the sale, does the seller have that right so as not only to bind the buyer but also the buyer’s lender? I think, when framed as a question like that, the answer seems obvious. Call me a weak-kneed liberal, but all the equity (colloquially speaking) is in favour of the seller. They have entered in to the transaction on that basis and would not have entered in to the transaction otherwise. We all make bad deals which the law doesn’t get us out of, but the equity isn’t really in our favour: why should the law get us out of a bad deal?’

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Nearly Legal, 14th December 2014

Source: www.nearlylegal.co.uk

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Sponging the blot on the law – Hardwicke Chambers

Posted December 11th, 2014 in bailment, mortgages, news, repossession, warrants by sally

‘Having your home repossessed by your mortgagee is not, one imagines, a happy experience, and not one which would incline you to act charitably towards your bank. Few are the defaulting borrowers who treat their houses to a spring clean on their final day before the order for possession is executed, apologising to the bailiffs that they don’t seem able to put their hands on any tea bags. Or indeed the kettle. It’s all been packed, you see. A commoner experience is to find that at least some belongings have been left behind. A bin bag here, a wonky shelving unit there. There’s nothing like losing your home to make you reassess the stuff which surrounds you, and decide whether now might be a good time to de-clutter your life. And why go to the expense of hiring a skip when you can leave your mortgagee with the cost of doing it for you?’

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Hardwicke Chambers, 11th December 2014

Source: www.hardwicke.co.uk

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The pitfalls of sale and rent back – New Square Chambers

Posted December 3rd, 2014 in fraud, housing, landlord & tenant, loans, mortgages, news, sale of land, Supreme Court by sally

‘The Supreme Court has confirmed the risks of sale and rent back arrangements in Southern Pacific Mortgages Ltd v Scott [2014] UKSC 52. Mrs Scott was the vendor in a sale and rent back. Against her knowledge the purchaser had obtained a mortgage to fund the purchase of her home and defaulted, causing it to be repossessed. She was unsuccessful in arguing that her lease took priority to the mortgage.’

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New Square Chambers, 28th November 2014

Source: www.newsquarechambers.co.uk

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Securities’ providers could recoup huge property market losses for investors following landmark High Court ruling – Hardwicke Chambers

Posted November 27th, 2014 in appeals, mortgages, negligence, news by sally

‘The recent High Court judgment Titan Europe 2006-3 Plc v Colliers International UK Plc [2014] EWHC 3106 (Comm) regarding commercial mortgage-backed securities (CMBS) reflects judicial dislike of legal lacunas that let professionals perform sub-standard services without the risk of paying out damages in negligence. It is a ruling of significance to the finance industry that could give some individuals who lost out when the recession revealed that their investments were worth less than they had been told a way of recovering their money. ‘

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Hardwicke Chambers, 20th November 2014

Source: www.hardwicke.co.uk

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Equitable Compensation – The Supreme Court Reviews the Position – Littleton Chambers

Posted November 27th, 2014 in appeals, compensation, mortgages, news, solicitors, Supreme Court by sally

‘The Supreme Court recently gave judgment in the case of AIB Group (UK) Plc v Mark Redler & Co Solicitors [2014] UKSC 58. The decision provides an important treatment of equitable compensation within the wider scheme of remedial rules.’

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Littleton Chambers, 26th November 2014

Source: www.littletonchambers.com

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Cohabiting pitfalls: is it time the law caught up? – Halsbury’s Law Exchange

Posted November 26th, 2014 in bills, cohabitation, married persons, mortgages, news by sally

‘The law on relationship breakdown differs between couples who are cohabiting and married couples. Under English Law the concept of common-law wife/husband does not exist. If an unmarried couple live together in a property owned by both of them, they need to be careful to express at the outset what they intend as to property ownership. If they intend it to be an equal ownership they should state this or differing percentages.’

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Halsbury’s Law Exchange, 25th November 2014

Source: www.halsburyslawexchange.co.uk

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Magic beans for that cow? – Zenith Chambers

Posted November 17th, 2014 in appeals, equity, housing, landlord & tenant, leases, mortgages, news, rent, Supreme Court by sally

‘The North East Property Buyers litigation test cases finally reached the Supreme Court and judgment was handed down on 22nd October 2014. Any practitioner in property and housing litigation in the North East, and indeed further afield, will have had some knowledge of, or dealings with, schemes such as were in these cases examined. They concerned sale and lease back agreements, a simple enough notion, involving the purchase of a vendor’s home by a nominee, often at an undervalue, in return granting the vendor a lease of the property, thereby releasing equity to the vendor and allowing them to remain in the property at a reduced rent.’

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Zenith Chambers, 24th October 2014

Source: www.zenithchambers.co.uk

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Supreme Court backs existing test for calculating ‘equitable compensation’ – OUT-LAW.com

Posted November 13th, 2014 in compensation, mortgages, news, Supreme Court by tracey

‘Lenders can only be compensated for actual losses that stem from a breach of trust in commercial transactions, the Supreme Court has confirmed.’

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OUT-LAW.com, 11th November 2014

Source: www.out-law.com

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AIB Group (UK) Plc (Appellant) v Mark Redler & Co Solicitors (Respondent) – Supreme Court

Posted November 5th, 2014 in breach of trust, compensation, law reports, loans, mortgages, solicitors, Supreme Court by sally

AIB Group (UK) Plc (Appellant) v Mark Redler & Co Solicitors (Respondent) [2014] UKSC 58 (YouTube)

Supreme Court, 5th November 2014

Source: www.youtube.com/user/UKSupremeCourt

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Southern Pacific Mortgages Ltd v Scott (Mortgage Business plc intervening) – WLR Daily

Posted October 28th, 2014 in appeals, fraud, land registration, law reports, mortgages, Supreme Court by sally

Southern Pacific Mortgages Ltd v Scott (Mortgage Business plc intervening) [2014] UKSC 52; [2014] WLR (D) 447

‘A purchaser of a property could not grant equitable rights of a proprietary character prior to acquisition of the legal estate.’

WLR Daily, 22nd October 2014

Source: www.iclr.co.uk

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How to reduce your Inheritance Tax bill – BBC News

Posted October 27th, 2014 in budgets, inheritance tax, mortgages, news, statistics, taxation by sally

‘”We all want to see a system where it is only the very rich that pay inheritance tax, and not hard working people.”

Those were the words of David Cameron during Prime Minister’s Questions last week.’

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BBC News, 24th October 2014

Source: www.bbc.co.uk

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Supreme Court: ‘sale and rent back’ firm could not grant tenants proprietary rights over properties before sale completed – OUT-LAW.com

Posted October 24th, 2014 in leases, mortgages, news, repossession, sale of land by sally

‘A firm that purchased properties in the north east of England on the condition that the previous owners would be entitled to remain in their homes indefinitely was not in a position to make such a promise, the UK’s highest court has ruled.’

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OUT-LAW.com, 23rd October 2014

Source: www.out-law.com

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Scott (Appellant) v Southern Pacific Mortgages Limited (Respondents) – Supreme Court

Posted October 22nd, 2014 in appeals, fraud, law reports, mortgages, Supreme Court by sally

Scott (Appellant) v Southern Pacific Mortgages Limited (Respondents) [2014] UKSC 52 (YouTube)

Supreme Court, 22nd October 2014

Source: www.youtube.com/user/UKSupremeCourt

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Court of Appeal highlights dangers to lenders of choosing to enforce only part of a security – OUT-LAW.com

Posted October 21st, 2014 in appeals, debts, enforcement, mortgages, news, repossession by sally

‘Lenders must be careful to ensure that they do not lose the right to enforce their remaining rights under a security agreement when they choose to enforce only part of it, the Court of Appeal has warned.’

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OUT-LAW.com, 20th October 2014

Source: www.out-law.com

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Pilot jailed for £30m mortgage fraud – BBC News

Posted October 15th, 2014 in accountants, conspiracy, fraud, mortgages, news, sentencing, solicitors by sally

‘A former Virgin Atlantic pilot has been jailed for 14 years for committing a £30m mortgage fraud in Berkshire.’

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BBC News, 14th October 2014

Source: www.bbc.co.uk

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How October 1 will change your life – Daily Telegraph

‘As a number of new laws come into effect this week, we take a look at how your life will be affected.’

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Daily Telegraph, 1st October 2014

Source: www.telegrpah.co.uk

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A mortgage without a valid mortgage deed – Hardwicke Chambers

Posted September 24th, 2014 in estoppel, litigants in person, mortgages, news, repossession, trusts by sally

‘There have been a number of attempts by those facing repossession and worse at the hands of mortgage lenders to dispute the validity of the claims against them on the basis of a failure to comply with the necessary legal formalities. Mortgage lenders typically send a mortgage offer letter that they invite their borrower to sign. Often the mortgage lender does not formally sign the offer letter. At the time of an advance there is usually a mortgage deed which is often signed by the borrower not the lender.’

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Hardwicke Chambers, 10th September 2014

Source: www.hardwicke.co.uk

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You’ve got absoutely nothing out of this – NearlyLegal

Posted September 1st, 2014 in abuse of process, banking, contracts, costs, housing, indemnities, mortgages, news, repossession by sally

‘For most parties that enter into litigation (save for those on CFAs and some who are legally aided) a win isn’t really a win unless the other side is also ordered to pay your costs. I say most, because certain litigants enter into litigation knowing that come what May their costs will be paid on the indemnity basis. They have the foresight (or more accurately the power) to draft contracts which provide that, in the event of litigation, the other side (often a borrower or a long leaseholder) will indemnify them for all their legal costs irrespective of whether they win or lose.’

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NearlyLegal, 31st August 2014

Source: www.nearlylegal.co.uk

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RBS failed in mortgage business basics and is lucky the fine was just £14.5m – The Guardian

Posted August 29th, 2014 in banking, financial advice, financial regulation, fines, mortgages, news by tracey

‘Bank hit with its sixth penalty in four years, showing it is still far from being in proper shape to return to the private sector.’

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The Guardian, 27th August 2014

Source: www.guardian.co.uk

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