January 2014 Archive

LPA Receivers owe very limited duty to borrowers; a reminder

As lenders rely more and more on their powers to appoint an LPA Receiver, a recent case has clarified the Receiver’s obligations, both to the lender and its borrower. In the case of JL Homes Limited and (1) Mortgage Express (2) Paul Diakiw and David Heap (Acting as LPA Receivers) which came before the High Court in December, JL Homes unsuccessfully challenged the LPA Receivers’ attempts to secure possession.

Lenders and service charges – the courts are getting tricky!

We examine what happens once you have paid ground rent and service charge arrears (and possibly costs) following a forfeiture threat. The mortgage conditions usually permit a lender to make such payments to protect its security and to then add the cost to the mortgage balance. This is potentially misleading because the borrower may think that there is no obligation to repay this sum immediately.

Lease renewals – The Jackson Reforms

On 1 April 2013, significant changes to the rules governing civil litigation were introduced. These changes are known as the Jackson reforms and their purpose is to make the costs of civil litigation more proportionate to the issues in dispute. However, it is not the case that “one change fits all” and this is particularly the case for business lease renewals.

Interest rate hedging product mis-selling – don’t miss the FCA lifeboat

As the review of mis-sold hedging products continues, with a number of our clients having already received substantial offers of redress, we are surprised to hear from the FCA that 3,700 of the 18,700 companies invited to join the review have yet to respond to letters sent by banks. The Financial Conduct Authority (FCA) is urging thousands of small firms affected by interest rate swaps mis-selling to hurry up with their compensation claims or risk missing out on money due to them. To the end of 2013 over 1,000 hedging products have been ‘torn up’ with redress paid out, although of the 5,200 completed reviews 672 have not resulted in any redress offer.

Neighbour disputes and party wall notices

Neighbour disputes often develop in circumstances in which one party intends to undertake building works to fences, walls or buildings that are in common or are in close proximity with their neighbour’s land. The Party Wall Act was designed to avoid such disputes by ensuring neighbouring property owners put each other on notice prior to undertaking those building works.
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