Arrears and possessions
The following issue updates are available for Arrears and possessions.
Advice agencies
22 December 2009 | This policy page includes work by advice agencies such as Citizens Advice and Shelter and also summarises liaison between such organisations and the CML. It includes a link to the Shelter/CAB/Advice UK report "Turning the tide" published on 15 December 2009.
Arrears and Possessions in Scotland
22 January 2010 | The Scottish Government has published the report of an independent group set up to consider issues relating to possessions in Scotland. It has indicated that it will proceed to take forward the group's recommendations. If implemented these recommendations will have implications for members.
Arrears and repossessions
26 February 2010 | The FSA has confirmed that it will amend its 'problems paying your mortgage' leaflet in April, which lenders are obliged to send to borrowers in arrears. Other recent updates include a summary of the FSA's proposals on arrears and repossessions set out in its mortgage market review consultation paper published in January.
Citizens Advice Bureau report: Set up to fail - CAB clients' experience of mortgage and secured loan arrears problems
2 February 2010 | The Citizens Advice Bureau (CAB)has published its report "Set up to fail - CAB clients' experience of mortgage and secured loan arrears problems". This page sets out our views on that report.
Claims Management Companies
9 July 2009 | This page provides information about claims management companies (CMCs) and how they are regulated by the Ministry of Justice. The members' section has been updated to include information about a guidance note produced by the Claims Management Regulator on the use of misleading statements or omissions by CMCs.
CML voluntary statement on s101 of the Law of Property Act 1925 following the Horsham Properties v Clark and Beech case
2 February 2010 | 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
9 July 2009 | This page provides information about a number of Codes and Statements of Practice which CML members have historically been asked to comply with.
Consumer Credit Act regulated lending in Scotland
28 January 2010 | The Scottish Parliament has introduced an Act of Sederunt which has implications for lenders where they are seeking in Scotland to recover sums advanced in realtion to lending which is regulated by the Consumer Credit Act 1974.
Consumer Credit Act; OFT consultation on guidance for second charge lending
1 December 2009 | The OFT has published a consultation on guidance for brokers and lenders on second charge lending. The closing date for responses is 8 May 2009.
Consumer White Paper "A Better Deal for Consumers"
2 February 2010 | This policy issue provides a summary of issues for secured lenders in the consumer White paper published 2 July 2009.
FSA buy-to-let thematic review
1 December 2009 | The FSA has shared with lenders a summary of the findings of its thematic review of buy-to-let lending.
Homelessness etc. (Scotland) Act 2003
23 December 2009 | Under Section 11 of the Act, a lender holding a standard security over a residential property in Scotland will be required to give notice to the local authority where the property is situated when they issue a calling up notice, default notice or make an application to the court for a warrant of possession under a standard security.
Homeowners mortgage support scheme (HMS)
27 October 2009 | The government has launched the Homeowner Mortgage Support scheme(HMS)and announced particpating lenders in the scheme. Updated FAQs are included for lenders. Page updated to attach a letter of comfort from Communities and Local Government.
Money Advice Liaison Group
11 December 2009 | The Money Advice Liaison Group has published its second edition of guidelines for lenders dealing with customers experiencing mental health issues.
Mortgage rescue in England
4 September 2009 | The scheme is now live in all local authorities in England. The page has been updated for members to include information on the new fast-track team and guidance on over-reaching that CLG have published.
Mortgage Rescue in Scotland
23 December 2009 |
Provides a summary of the mortgage rescue schemes in Scotland.
Mortgage rescue in Wales
9 October 2009 | 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 February 2010 | Provides background and guidance on the CML possessions register.
Pre-action protocol and court rules
2 March 2010 | This page summarises the position on the Civil Justice Council's mortgage pre-action protocol. It also refers to court rule changes and the Northern Ireland protocol. The final form checklist and guidance for its completion have been provided by the Ministry of Justice and are attached. Ministry of Justice has also provided a copy of the advice sent to District Judges about the checklist. A further change to the court rules is anticipated for 6 April 2010.
Sale and rent back/ sale and lease back companies
23 February 2010 | The FSA has published details of its full regulatory approach to sale and rent back, effective from 30 June 2010.
Shortfalls on interest-only mortgages
9 July 2009 | 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
2 February 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 tenants when a landlord defaults on their mortgage
29 January 2010 | This page summarises the issues surrounding enforcement action by lenders when a property is tenanted. A private members bill has been introduced on this issue.
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.
