Arrears and possessions
The following issue updates are available for Arrears and possessions.
Advice agencies
14 October 2011 | On October 12, the Citizens Advice Addressing Financial Difficulties working group published good practices across different creditor sectors in a report entitled 'How to do the right thing'. A summary and link to the full report is provided for members. This page also links to other relevant reports published by advice agencies and liaison between such organisations and the CML.
Arrears and possessions in Scotland
29 July 2011 | The Homeowner and Debtor Protection(Scotland) Act 2010 (the 2010 Act) requires all possession cases in Scotland to call into court and requires lenders to comply with pre-action requirements. The impacts of the UK Supreme Court decision in the case of RBS v Wilson which followed the passing of the 2010 Act are also covered.
Assisted voluntary sales and other exits from homeownership
19 September 2011 | On 15 September, Shelter published research undertaken by the University of York on methods of exit from homeownership, including the role of assisted voluntary sales. This CML policy page provides links to the research and outlines some aspects for members to consider when offering assisted voluntary sales.
Claims Management Companies
10 August 2011 | The FSA, Ombudsman and Financial Services Compensation Scheme have published a note aimed at both firms and consumers on the role of claims management companies (CMCs). This page also provides information about CMCs and how they are regulated by the Ministry of Justice.
CML voluntary statement on s101 of the Law of Property Act 1925 following the Horsham Properties v Clark and Beech case
10 August 2011 | The case of Horsham Properties v Clark and Beech has raised concerns that lenders will appoint receivers to avoid taking court action when seeking to possess a residential owner occupied property. The CML's Executive Committee has approved a statement on this case to allay these concerns.
Codes and Statements of Practice
16 March 2011 | This page provides information about a number of Codes and Statements of Practice which CML members have historically been asked to comply with.
Debt and mental health - MALG and RCPsych guidelines
12 August 2011 | The Money Advice Liaison Group has published its second edition of guidelines for lenders dealing with customers experiencing mental health issues.
Energy Efficiency Initiatives
25 November 2011 | This provides information on a range of energy initiatives recently introduced or in the process of introduction by DECC and highlights particular areas of interest for lenders.
FSA buy-to-let thematic review
21 July 2011 | The FSA has shared with lenders a summary of the findings of its thematic review of buy-to-let lending.
Information sharing between first and second charge lenders
10 August 2011 | This page summarises the data sharing initiative being facilitated by the CML and FLA, which enables a lender with a charge on a property to share information with another lender holding a charge, helping to prevent two separate claims for possession.
Mortgage rescue in England
15 December 2011 | The government has launched its Affordable Housing Framework document, which contains details of the mortgage rescue scheme (MRS) for 2011/12 and 2012/13. Members are provided with a summary of the main changes to MRS and recent developments.
Mortgage Rescue in Scotland
2 September 2011 | Provides a summary of the mortgage rescue schemes in Scotland.
Mortgage rescue in Wales
25 July 2011 | Provides a summary of the mortgage rescue scheme in Wales. Updated to include a copy of the guidance notes for local authorities for members.
Possessions register
10 August 2011 | This page provides background and guidance on the CML possessions register. The register has been withdrawn with effect from 30 June 2010 and the data held on it has been destroyed.
Pre-action protocol and court rules
1 September 2011 | The repossession pre-action protocol in Northern Ireland has been reviewed and a new version released with effect from today. An update is provided for members. This page also summarises the position on the Civil Justice Council's pre-action protocol in England and Wales, including the most recent version which came into force on 6 April 2011.
Sale and rent back/ sale and lease back companies
10 August 2011 | The FSA's full regulatory approach to sale and rent back is effective from 30 June 2010. The FSA has published its policy statement (PS10/8) detailing its final rules and the factsheet that firms will need to send to consumers during the sales process.
Shortfalls on interest-only mortgages
16 March 2011 | On 19 May 2006, the FSA published its consumer fact sheet "Will your investment or savings plan pay off your mortgage?". The fact sheet provides information to consumers facing a shortfall at the end of the mortgage term.
Tenant default - termination of tenancies
4 November 2010 | The Law Commission has published its proposals and draft bill for reforming the law on the termination of tenancies for tenant default.
The position of unauthorised tenants in Scotland when their landlord defaults on a mortgage
18 August 2011 | Following the introduction in England and Wales of The Mortgage Repossessions (Protection of Tenants,etc) Act 2010 the Scottish Government reconvened the Repossession Group which had previously looked at the issue of the protections available to mortgage borrowers in Scotland facing possession to consider the position of unauthorised tenancies. The Group considered that there was adequate protection in Scotland but recommended that a decision in the case of Tamouri v Clydesdale Bank should be codified into the law of Scotland. As a result the Scottish Government brought forward amendments to the Housing (Scotland) Bill 2010. This Bill completed its passage through the Scottish Parliament on 3 November 2010.
The position of unauthorised tenants when a landlord defaults on their mortgage
18 August 2011 | This page summarises the issues surrounding enforcement action by lenders when a property is tenanted. The Mortgage Repossessions (Protection of Tenants etc) Act 2010, which came into force on 1 October 2010, provides new protection for unauthorised tenants.
Valuation advice in repossession cases
3 September 2009 | This paper, which was prepared by Richard White of Countrywide Surveyors, provides advice to lenders and valuers in connection with the valuation of repossessed properties. members might like to share this information with any asset managers acting on their behalf.
