Pilot jailed for £30m mortgage fraud – BBC News
‘A former Virgin Atlantic pilot has been jailed for 14 years for committing a £30m mortgage fraud in Berkshire.’
BBC News, 14th October 2014
Source: www.bbc.co.uk
Category: mortgages
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.’
Daily Telegraph, 1st October 2014
Source: www.telegrpah.co.uk
A mortgage without a valid mortgage deed – Hardwicke Chambers
‘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.’
Hardwicke Chambers, 10th September 2014
Source: www.hardwicke.co.uk
You’ve got absoutely nothing out of this – NearlyLegal
‘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.’
NearlyLegal, 31st August 2014
Source: www.nearlylegal.co.uk
RBS failed in mortgage business basics and is lucky the fine was just £14.5m – The Guardian
‘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.’
The Guardian, 27th August 2014
Source: www.guardian.co.uk
Private landlords and article 8 – Are we there yet? – Hardwicke Chambers
‘At the time of the decisions in Manchester City Council v Pinnock [2011] 2 AC 104 and Hounslow v Powell [2011] 2 AC 186 it was thought that a seismic shock wave would be sent through the Courts requiring them in every claim for possession of residential premises by a public sector landlord to undertake a time consuming balancing exercise to assess the “proportionality” of making an order for possession. The Courts, it was thought, would be overwhelmed. This has in fact not proved to be the case. The County Court has become adept at weeding out the weak cases early on and even where the article 8 point is run to trial the Court has, by and large, been robust in its approach. The one issue which has remained unresolved for a surprisingly long time is the question of the extent to which the principles set out in Powell and Pinnock would apply in a possession claim where the land owner is a private individual and not part of the public sector.’
Hardwicke Chambers, 4th August 2014
Source: www.hardwicke.co.uk
McDonald and others v McDonald – WLR Daily
McDonald and others v McDonald: [2014] EWCA Civ 1049; [2014] WLR (D) 336
‘Where a private landlord sought a possession order under section 21(4) of the Housing Act 1988 the tenant could not resist the making of the order on the ground that it would be disproportionate under article 8.2 of the Convention for the Protection of Human Rights and Fundamental Freedoms.’
WLR Daily, 24th July 2014
Source: www.iclr.co.uk
A peculiar case of priorities – Hardwicke Chambers
‘In Bank of Scotland v Joseph [2014] EWCA Civ 28, 1 P & Cr 18, the Court of Appeal was faced with an issue of priority in relation to a unilateral notice. It arose out of a rather curious set of facts.’
Hardwicke Chambers, 4th June 2014
Source: www.hardwicke.co.uk
Taxman wins fight to close property tax loophole – Daily Telegraph
‘A High Court ruling has sided with the taxman over legislation introduced last year which aims to stop wealthy property buyers avoid paying tens of thousands of pounds in stamp duty.’
Daily Telegraph, 13th June 2014
Source: www.telegraph.co.uk
Get informed – New Law Journal
‘Natasha Phillips underlines the importance of mortgage capacity assessments in divorce proceedings.’
New Law Journal, 6th June 2014
Source: www.newlawjournal.co.uk
Court of Appeal puts law firm in the dock after being duped in mortgage fraud – Legal Futures
‘The Court of Appeal has overturned a ruling which excused from liability a law firm which was duped into releasing £150,000 of mortgage funds.’
Legal Futures, 25th February 2014
Source: www.legalfutures.co.uk
Tommy Robinson, former EDL leader, jailed for fraud – BBC News
‘Former English Defence League leader Tommy Robinson, whose real name is Stephen Yaxley-Lennon, has been jailed for 18 months for mortgage fraud.’
BBC News, 23rd January 2014
Source: www.bbc.co.uk
Some limitations on setting aside vulnerable mortgage transactions – 11 Stone Buildings
‘The landmark decision of the House of Lords Royal Bank of Scotland v Etridge (No 2) [2002] 2 AC 773
described the circumstances which render a lending transaction by a bank vulnerable to a challenge for undue influence and provided guidance to bankers as to which steps they would need to take in order to protect their lending, and any security to be taken, from challenge. Several cases decided since Etridgehave demonstrated the breadth of the scope for challenge where bankers have failed to follow the guidance, while others have highlighted some constraints on effective challenges based upon undue influence. Jeremy Cousins QC discussed this topic at a recent lecture of the Chancery Bar Association and shares his thought in this detailed ‘Insider’.’
11 Stone Buildings, January 2014
Source: www.11sb.com
Thousands of ‘right to buy’ negligence cases piling up against conveyancers – Legal Futures
‘Law firms are facing thousands of claims for professional negligence over their involvement in “right to buy” work, it has emerged.’
Legal Futures, 27th November 2013
Source: www.legalfutures.co.uk
Power of sale – can the mortgagee be forced to wait? – New Square Chambers
“In Temple Mortgage Fund Ltd v Att-Gen for the Turks and Caicos Islands (unreported, Supreme Court of the Turks and Caicos Islands, 26 July 2013), until just before the trial the only issue appeared to be the timing of the mortgagee’s exercise of its power of sale. However, at a very late stage the Defendant raised a further issue, namely whether certain provisions in the Plaintiff’s charge were binding on the Crown at all. Both issues were determined in favour of the Plaintiff.”
Full story (PDF)
New Square Chambers, 31st October 2013
Source: www.newsquarechambers.co.uk
A negative note – New Square Chambers
“As everyone knows, a mortgagee may go into possession before the paper has cooled down after coming out of the printer, or something like that. But under modern conditions, and particularly with residential mortgages, the strictness of this rule is reduced or removed by agreement or the impact of statute. Even so the principle that the mortgagee is entitled to possession and the limits on the court’s power to deny him that entitlement means that a mortgagor in distress may have very little control over his fate.”
Full story (PDF)
New Square Chambers, 31st October 2013
Source: www.newsquarechambers.co.uk
NCA suffers Supreme Court defeat on assets recovery marshalling claim – 11 Stone Buildings
“On 23 October 2013, the Supreme Court gave judgment in Szepietowski v. the National Crime Agency (formerly the Serious Organised Crime Agency, ‘SOCA’). The case is now the leading authority on the marshalling of securities and will be of interest to those advising banks and other businesses involved in secured lending. The case, however, will also be of general interest in light of the Court’s consideration of the principles applicable to the construction of settlement agreements which involved the Court distinguishing the decision of the House of Lords in Bank of Credit and Commerce International v. Ali [2002] 1 AC 251.”
Full story (PDF)
11 Stone Buildings, 23rd October 2013
Source: www.11sb.com
National Crime Agency v Szepietowski and another – WLR Daily
National Crime Agency v Szepietowski and another [2013] UKSC 65; [2013] WLR (D) 408
“The equitable remedy of marshalling was not available where the security held by the second chargee did not secure an underlying personal debt of his to the chargor. Therefore the National Crime Agency, having agreed to take a second mortgage over a property in settlement of its claim that it had been purchased by its owner with the proceeds of crime, could not, when the sale of the property only realised sufficient funds to pay off the debt secured under a first mortgage to a bank, require the bank to enforce its security against another property mortgaged by the owner to that bank.”
WLR Daily, 23rd October 2013
Source: www.iclr.co.uk
Landlords threaten legal action over mortgage rates – BBC News
“Buy-to-let landlords are threatening to take legal action against what they say are unjustified interest rate rises.”
BBC News, 26th October 2013
Source: www.bbc.co.uk
Szepietowski (Nee Seery) (Appellant) v The National Crime Agency (Respondent) – Supreme Court
Supreme Court, 23rd October 2013
