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Land Registry issues warning over land banking schemes

August 3, 2011 By Leave a Comment
Midas Property Consultants Land, Development

The UK’s Land Registry is warning people not to buy through land banking schemes as it is revealed that victims losses have reached £200 million. It has updated its guide on land banking to warn the public about the risks involved in buying land forming part of a land banking scheme. These are schemes where it is claimed that the plots of land have good investment value in the expectation of future development but where there is little or no chance of land ever being developed. The Financial Services Authority (FSA) recently estimated that land banking schemes have cost UK … [Read more...]

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Reasons to be cheerful about the UK housing market part one,two but sadly not three!

July 20, 2011 By Leave a Comment

As the firestorm of European peripheral debt worries circle Europe and further afield we see continuing debt ceiling worries in the United States there are also questions about the UK economy. If we look back we see that the last quarter of 2010 and the first quarter of 2011 offset each other by one falling by the same amount as the other rose so we had no economic growth at all. Looking forward there are concerns for the economic growth figures for the second quarter too as for example the National Institute for Economic and Social Research has already produced its monthly flash estimate … [Read more...]

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Scots beat banks in £40m battle over repossessions Banks beaten over legal bills

June 28, 2011 By Leave a Comment
Adam Phillips

Adam PHILLIPS: Chairs the panel which took the issue up with FSA. AROUND 20,000 Scots householders have won a David and Goliath-style victory against the banks that tried to repossess their homes after they fell into arrears with their monthly bills. The institutions were effectively double-charging borrowers for taking them to court by adding on to their arrears the costs of court action that had been declared illegal. But the City watchdog has challenged the practice and warned the banks will have to foot a £40m bill if they raise new proceedings against Scottish … [Read more...]

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FSA accuses intermediaries of misusing buy-to-let mortgages

June 27, 2011 By Leave a Comment

The FSA has claimed that buy-to-let mortgages are being obtained for ordinary residential buyers who would not pass the more stringent checking procedures required for ordinary residential mortgages. Writing in the current newsletter, David Geale, manager of the retail intermediaries and mortgage sector, queries whether buy-to-let mortgages have become ‘the new self-cert’. Although he gives little explanation, and does not say what action the FSA has taken, he says: “We are aware that some BTL and let-to-buy mortgage products are being used by intermediaries to circumvent the … [Read more...]

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FSA Puts Brakes on Release of Latest Mortgage Reform

June 25, 2011 By Leave a Comment
Stop

The brakes were recently slammed down on a hotly contested mortgage reform by the Financial Services Authority (FSA).  In order to protect consumers against what ultimately led to the credit crisis (approving loans borrowers had no possible way of paying back) the FSA chairman put a halt to the Mortgage Market Review, and disclosed it would not be made available until autumn.  The FSA admitted the reform would actually restrict mortgage lending too much. Lord Turner, FSA chairman, commented on the impact of meddling in consumer issues, saying: "The more that a regulator seeks to … [Read more...]

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Caught in the mortgage trap: Lending crackdown means 3.5m can’t switch to cheaper loans

June 8, 2011 By Leave a Comment
valuing your home 1

One in three homeowners — an estimated 3.5 million — may be mortgage prisoners, unable to move or find a cheaper deal. Hardest hit are mature borrowers who have been paying back their home loans for many years. Tens of thousands of them are coming to an end of their mortgage deals every month, but find their path to a new loan blocked by tough new lending rules imposed by banks and building societies. Unlucky: Self-employed Daniel and Anne Taylor missed out on a cheaper mortgage deal because of all the paperwork they were asked to provide to get a new loan And, as house … [Read more...]

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UK estate agents face ban from selling rent-guaranteed schemes

June 8, 2011 By Leave a Comment
estate agents

Sales of UK and international investment properties by British real estate agents could be outlawed by the Financial Services Authority (FSA) if the industry does not take urgent action, a legal expert warned today. John Howell, founder of Howell & Co, one of the longest established legal experts in the industry, believes there is a real danger that properties with “guaranteed” rental schemes could soon fall under the FSA’s definition of regulated activity – meaning only qualified independent financial advisors (IFA’s) would be able to “sell” the … [Read more...]

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Beware of house builders bearing gifts

June 2, 2011 By Leave a Comment
first-time-buyers-can-benefit-from-shared-equ.198

First time buyers should beware builders bearing gifts in the form of nearly £1bn subsidies for shared equity schemes. These will support house prices today but may not be reflected in sales achieved in future. New figures from the House Builders Federation figures make sense from the point of view of housing stock providers but could prove a dangerous case of market manipulation and an expensive mistake for buyers at current prices. These incentives to buy are a rational response to the mortgage famine, which followed the global credit crisis. Banks and building societies have … [Read more...]

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Think-tank warns FSA over mortgage restrictions

May 31, 2011 By Leave a Comment
How to value your home.

BRITAIN’S banking regulator should restrict mortgages to three-and-a-half times income to prevent future housing crashes, a leading think tank has warned. The loans should also be capped at 90% of the property’s value, according to the Institute for Public Policy (IPPR). The call comes just weeks after it was predicted that Scotland will not see a recovery in its property market for another two years, as the fall out from the recession continues. House prices rose rapidly over the last decade as it became easier to get credit and banks offered mortgages at five or six times … [Read more...]

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Let’s not push first-time property buyers over the edge

May 28, 2011 By Leave a Comment
house in hands

The housing charity Shelter this week claimed that first-time buyers believe mortgage lenders have been irresponsible, encouraging people to borrow more than they can afford to repay. According to Shelter’s research 75% of first-time buyers want tougher regulation forcing banks to lend responsibly – in spite of the fact it will stop some people getting a mortgage. But how much credence should we place on these conclusions from Shelter? Take it with a huge pinch of salt While there is no doubt that some reform of the mortgage market is required, there hasn’t been widespread … [Read more...]

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