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Secured recoveries e-briefing and webinar

    • Financial services disputes and investigations
    • Real estate
    • Financial institutions - Briefings and articles

    15-10-2013

     

    Welcome to the October edition of our Secured Recoveries e-briefing, helping you keep up to date with legal developments.

    Secured recoveries webinar

    Please click to view our Secured Recoveries webinar update. 

    Secured recoveries litigation

    News

    FCA publishes finalised guidance on dealing fairly with interest-only mortgage customers who risk being unable to repay their loan – Following on from their consultation in May 2013, on 29 August July 2013, the Financial Conduct Authority published its finalised guidance (FG13/7) and a summary of the feedback received.

    HM Land Registry has updated its practice guides 34 and 75 to confirm that a charge survives disclaimer as does a mortgagee’s power of sale - In recent years, due to properties more frequently being in negative equity, there has been a rise in the number of instances whereby a trustee in bankruptcy seeks to disclaim properties. Whilst the practice guides clarify the Land Registry’s practice when served with a notice of disclaimer, it is still crucial that mortgagees take immediate steps to apply for a vesting order when notice of the disclaimer comes to their attention.

    CML publishes its response to the Ministry of Justice’s call for evidence on legal regulation – The CML response is limited to specific issues arising from lenders’ use of legal services for the conveyancing process across the UK.

    Click to view more information on secured recoveries litigation.

    Professional negligence/title rectification/mortgage fraud

    News  

    It’s the ARP Jim, but not as we know it. The Professional Indemnity Insurance market is undergoing a significant overhaul. We look at the resultant market trends which are starting to emerge and their implications.

    CML News – CML comment on new Bank of England Mortgage data.

    Land Registry News - From 1 October 2013, paper applications to the Land Registry can be sent to a Land Registry office based on the applicant’s location, rather than that of the property concerned. The new Land Registration (Proper Office) Order 2013 - made on 1 July and coming into force on 1 October 2013 - makes this possible by designating all Land Registry's fourteen local offices "proper offices" for the receipt of any such applications.

    Case law updates

    Delivery up of privileged documents – In Capital Home Loans Ltd v Bennett Griffin LLP [2013] EWHC 2613 (Ch) the court revisited whether a borrower’s consent to disclose documents to a lender,  provided by way of a customer declaration, could amount to a waiver of legal professional privilege.

    Professional Indemnity Insurance – Disclosure. The recent case of Dowling and others v Bennett Griffin [2013] EWHC 1995 (Ch) considers the extent to which there is an obligation to disclose to a claimant, details of a defendant’s insurance cover.

    Click to view more information on professional negligence. 

    Sales in possession

    News

    Green Deal Update  - The Department of Energy & Climate Change has published new statistics confirming the number of Green Deal plans currently in place.

    Land Registry Update –  As mentioned above, the Land Registry has updated a number of its Practice Guides, including Practice Guide 34 (Personal Insolvency) and Practice Guide 75 (Transfer under chargee’s power of sale) giving greater clarity to the conveyancing process where a property has been disclaimed.

    Case law updates

    Issues with delayed completionUrban 1(Blank Street) Ltd v Ayres  [2013] EWCA Civ 816 considered whether a seller’s delay in completing construction of an apartment would entitle the purchasers to refuse to complete.

    Click to view more information on sales in possession.  

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