Arrears and possessions
The following issue updates are available for Arrears and possessions.
Advice agencies
16 August 2010 | 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 repossessions
10 August 2010 | The government has published its interim findings from the evaluation of Homeowner Mortgage Support and the Mortgage Rescue Scheme - a summary is provided for members. A CML summary of an econometric study forecasting UK mortgage arrears and possessions rates is also provided for members.
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
18 March 2010 | 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 details of regulatory action taken against Cartel Client Review Ltd and Consumer Credit Litigation Solicitors.
CML voluntary statement on s101 of the Law of Property Act 1925 following the Horsham Properties v Clark and Beech case
16 August 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
5 July 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 White Paper "A Better Deal for Consumers"
16 August 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
5 July 2010 | 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)
30 July 2010 | 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
16 August 2010 | 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
6 August 2010 | The scheme is live in all local authorities in England. The government has decicded to close the fast track team to new lender referrals from 30 June 2010. Further details are provided for members on the recent value for money adjustments made to the scheme.
Mortgage Rescue in Scotland
5 July 2010 |
Provides a summary of the mortgage rescue schemes in Scotland.
Mortgage rescue in Wales
30 July 2010 | 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
18 August 2010 | 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
18 August 2010 | This page summarises the position on the Civil Justice Council's mortgage pre-action protocol. The revised protocol and checklist which came into effect on 6 April this year are attached.
Sale and rent back/ sale and lease back companies
25 June 2010 | The FSA's full regulatory approach to sale and rent back is effective from 30 June. 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
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
16 August 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 and has now received royal assent. It comes into force on 1 October 2010.
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.
