Should I claim or should I wait? – Falcon Chambers

Posted June 16th, 2020 in coronavirus, enfranchisement, leases, mortgages, news, sale of land by sally

‘Since the property market coronavirus restrictions were lifted on 13 May 2020, there has been a reported rush to buy and sell houses and flats. Where property is leasehold, the sale of the lease is often the trigger which leads to a claim being made for either a new lease or the freehold under the Leasehold Reform Acts. The purchaser will always be concerned to see exactly what term is being acquired. A lessee of a flat wishing to buy a new lease must have owned the lease for two years before serving a notice (s. 39(2)(a) of the Leasehold Reform, Housing and Urban Development Act 1993). The same ownership period applies to a claim to acquire the freehold of a house (s. 1(1)(b) of the Leasehold Reform Act 1967).’

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Falcon Chambers, June 2020

Source: www.falcon-chambers.com

Lloyds fined £64m for unfair treatment of mortgage customers – The Guardian

Posted June 12th, 2020 in banking, financial services ombudsman, fines, housing, mortgages, news by sally

‘Lloyds Banking Group has been fined £64m by the City watchdog for failing to treat mortgage customers fairly after they fell into financial difficulty.’

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The Guardian, 11th June 2020

Source: www.theguardian.com

Promontoria (Oak) Limited v Emanuel [2020] EWHC 563 (Ch) – Tanfield Chambers

Posted May 29th, 2020 in assignment, debts, land registration, mortgages, news, repossession by sally

‘In a possession and money claim brought by the registered assignee of a legal charge, the Appeal Judge found that the Claimant was entitled to possession as the registered title holder of a legal charge, despite his allowing the Defendant’s appeal and holding that the Claimant had not proved that a valid assignment of the debt had occurred at trial.’

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Tanfield Chambers, 28th May 2020

Source: www.tanfieldchambers.co.uk

Overriding interest trumped by overreaching – Radcliffe Chambers

Posted April 16th, 2020 in chambers articles, easements, mortgages, news, sale of land by sally

‘It was in City of London Building Society v Flegg that the House of Lords notably considered the position of overriding interests and those interests said to overreach them in the context of a mortgage of a property occupied by a third party. The courts had reason to revisit this area of the law much more recently in Baker v Craggs when the owner of the dominant tenement of an easement claimed that his interest overreached the overriding interest of the owner of the servient tenement. Now, in an ex tempore judgment given on the 19th March 2020, Jeremy Hyam QC, sitting as a Recorder in the County Court at Bristol, has adjudicated upon a similar issue in the case of Knight v Fernley in which the unregistered purchaser of a property who had gone into actual occupation of it claimed that her interest overrode that of a later transferee of the very same land.’

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Radcliffe Chambers, 31st March 2020

Source: radcliffechambers.com

No new possession claims (for at least 3 months) – Nearly Legal

Posted March 19th, 2020 in emergency powers, mortgages, news, repossession by sally

‘The Government has just announced emergency legislation to do the following:

– Stop any new possession claims (social and private tenancies) being issued at court for the next three months (at least).
– Introduce a new pre-action protocol for possession claims, to apply after the three months (or whenever) which will apply to private as well as social tenancies to strengthen its remit and to “support the necessary engagement between landlords and tenants to resolve disputes and landlords will have to reach out to tenants to understand the financial position they are in.”’

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Nearly Legal, 18th March 2020

Source: nearlylegal.co.uk

‘Mortgage prisoners’ sue over ‘unfair’ rates – BBC News

Posted December 18th, 2019 in compensation, interest, mortgages, news by sally

‘Mortgage borrowers “unfairly trapped” on high interest rates when their lenders were nationalised are launching legal action against the companies they say are responsible.’

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BBC News, 18th December 2019

Source: www.bbc.co.uk

Secret Commissions: Wood v Commercial First Business – Case Analysis – Forum Chambers

Posted November 20th, 2019 in agency, disclosure, fees, forgery, limitations, loans, mortgages, news, rescission by sally

‘This note is essential reading for mortgage providers, brokers and any practitioners with a practice or interest in civil fraud as the case constitutes perhaps the most detailed review of the law on secret commissions to date. In particular, it addresses the distinction between full secret commissions and so-called half-secret commissions where there is a partial disclosure. It clarifies the law in the area and solidifies the basis for a broker being held liable where a commission is only partially disclosed.’

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Forum Chambers, 12th November 2019

Source: www.forumchambers.com

Can You Keep A Half Secret? (Wood v Commercial First) – New Square Chambers

Posted November 19th, 2019 in agency, disclosure, fees, forgery, limitations, loans, mortgages, news, rescission by sally

‘The dispute centred around a mortgage broker receiving both a fee from the borrower and a commission from the lender. Mrs Wood obtained two mortgages and a further advance secured over her two farms from Commercial First Business Limited (“CF”), a provider of unregulated secured loans to commercial borrowers. CF only accepted applications via brokers. UK Mortgage and Financial Services Limited (“UKMFS”) acted as broker for Mrs Wood on all three transactions, receiving commissions of £30,600, £57,092.80 and £5,234.22 respectively. CF entered into securitisation agreements assigning the loans to various assignees prior to entering CVL.’

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New Square Chambers, 5th November 2019

Source: www.newsquarechambers.co.uk

Cohabiting with a partner: protecting assets – Family Law

Posted September 12th, 2019 in cohabitation, mortgages, news by tracey

‘Press reports of Boris Johnson and his partner arguing days before moving into No. 10 together has raised questions about the longevity of their cohabitation. However, with the number of cohabiting couples continuing to increase, how can lawyers advise those who choose to move in together protect their assets in the case of a breakup? Carrie Symonds is the first ‘unmarried’ PM partner to reside at Downing Street – confirmation, if we needed it, that couples choosing to simply cohabit (rather than marry before living together) is becoming the norm. Marriage is no longer the main priority for every couple, with many considering living together, commitment enough. As well as cohabiting being deemed as more socially acceptable than ever before, it has practical appeal too. For many, allowing the financial responsibility of owning and running a household to be shared can make a lot of sense, until a relationship breakdown.’

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Family Law, 12th September 2019

Source: www.familylaw.co.uk

‘Mortgage prisoners’ given help by City regulator – BBC News

Posted March 26th, 2019 in financial regulation, housing, mortgages, news by sally

‘A change of rules aimed at helping lower the housing costs of thousands of so-called “mortgage prisoners” has been proposed by the City watchdog.’

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BBC News, 26th March 2019

Source: www.bbc.co.uk

Lydia Banerjee Writes “The Professional Obligations Owed By Auditors Have Been Under The Spot Light in Two Recent Case” – Littleton Chambers

Posted February 19th, 2019 in appeals, auditors, building societies, mortgages, negligence, news by sally

‘On 30 January 2019 the Court of Appeal gave their judgment in the case of Manchester Building Society v Grant Thornton UK LLP [2019] EWCA Civ 40. The following day judgment was handed down by the Honourable Mr Justice Bryan in AssetCo Plc v Grant Thornton UK LLP [2019] EWHC 150.’

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Littleton Chambers, 14th February 2019

Source: www.littletonchambers.com

SAAMCO revisited: information, advice and assumption of responsibility – Hardwicke Chambers

Posted February 19th, 2019 in appeals, auditors, building societies, mortgages, negligence, news by sally

‘In Manchester Building Society v Grant Thornton UK LLP [2019] EWCA Civ 40, the Court of Appeal yet again had to consider the application of the SAAMCO principle. Perhaps most significantly, the decision underlines the need to distinguish between ‘information’ and ‘advice’ cases when assessing the extent of a defendant’s liability for professional negligence.’

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Hardwicke Chambers, 14th February 2019

Source: hardwicke.co.uk

Knotweed: what should the legislators be doing? – Hardwicke Chambers

Posted February 19th, 2019 in environmental health, environmental protection, housing, inquiries, mortgages, news by sally

‘On 22 January 2019 the House of Commons Science & Technology Committee (“STC”) held an inquiry into “Japanese knotweed and the built environment”. It received written submissions from 27 interested parties, ranging from the Law Society and Royal Horticultural Society to companies specialising in the treatment of non-native invasive species and concerned individuals.’

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Hardwicke Chambers, 11th February 2019

Source: hardwicke.co.uk

Consumer loyalty ‘rip off’ faces probe – BBC News

Posted September 28th, 2018 in competition, consumer protection, insurance, mortgages, news, telecommunications by tracey

‘The accusation that loyal customers are being “ripped off” for mobile, broadband, savings, home insurance and mortgage deals is to be investigated by the competition body.’

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BBC News, 28th September 2018

Source: www.bbc.co.uk

Conveyancers liable for registration error despite mortgage fraud – Legal Futures

Posted September 14th, 2018 in conveyancing, fraud, mortgages, negligence, news, public interest by tracey

‘There is “no public interest” in allowing a negligent conveyancer to avoid liability when they did not know that their client was actually engaged in mortgage fraud, the Court of Appeal has ruled.’

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Legal Futures, 14th September 2018

Source: www.legalfutures.co.uk

Financial Remedies and Divorce Update, September 2018 – Family Law Week

‘Rose-Marie Drury, Senior Associate, Mills & Reeve LLP analyses the news and case law relating to financial remedies and divorce during August 2018.’

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Family Law Week, 6th September 2018

Source: www.familylawweek.co.uk

‘Grenfell’ cladding: couple could sue after £600,000 flat now worth £90,000 – The Guardian

Posted June 18th, 2018 in fire, health & safety, housing, mortgages, news, valuation by sally

‘A family who have seen the value of their London flat slashed from £600,000 to just £90,000 because of Grenfell-style cladding could sue a government agency that helped them buy their home.’

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The Guardian, 18th June 2018

Source: www.theguardian.com

Government shelves Goods Mortgages Bill – Law Commission

Posted May 17th, 2018 in bills, Law Commission, loans, mortgages, press releases by tracey

‘The Government has announced that it will not bring forward the Law Commission’s Goods Mortgages Bill. The Bill had been announced in last year’s Queen’s Speech and would have replaced the Victorian‑era Bills of Sale Acts – bringing greater protections to those who had taken out or who had unwittingly purchased cars with so-called “logbook loans”. But following additional consultation, the Government has said it will not bring forward reform in the area in the immediate future.’

Full press release

Law Commission, 14th May 2018

Source: www.lawcom.gov.uk

First digital mortgage added to Land Register as blockchain conveyancer adopts AI – Legal Futures

‘The first digital mortgage deed was entered into the Land Register today following collaboration and testing with Coventry Building Society and Enact Conveyancing.’

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Legal Futures, 5th April 2018

Source: www.legalfutures.co.uk

Law firm was negligent in property purchase but clients would have gone ahead anyway, court rules – Legal Futures

Posted February 23rd, 2018 in law firms, mortgages, negligence, news, valuation by tracey

‘A Kent law firm was negligent for failing to advise properly on a mortgage and valuation report (MVR), but this did not cause a couple in Canterbury to buy a house suffering from subsidence, a circuit judge has ruled.’

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Legal Futures, 23rd February 2018

Source: www.legalfutures.co.uk