The Insurance Act 2015
Posted by: Westcor International
The Insurance Act 2015 came into force on the 12th of August. This Act together with the consumer insurance reforms that came into effect in 2013 have provided the greatest change to insurance contract law for over 100 years. The Insurance Act 2015 amends some key sections of the Marine Insurance Act 1906, which were regarded as not reflecting good insurance practice and is considered to be broadly neutral between insurer and insured.
Interesting times for landlords
Posted by: Westcor International
Landlords in the buy-to-let market have faced a double-whammy. Not only did the former Chancellor of the Exchequer introduce a new stamp duty land tax surcharge on buy-to-let properties in April, but as of 2017, tax relief on mortgage interest will be phased out to be replaced with a capped tax credit. If that wasn't enough, in response to new affordability checks currently under consultation by the Bank of England, some of the UK's biggest lenders including The Mortgage Works (TWM) and Barclays raised a key affordability threshold in the spring.
Funding dilemmas
Posted by: Westcor International
The post-Brexit property market is proving to be unpredictable with all involved taking precautionary steps to guard themselves against any potential longer-term fallout. Following three years of growth the housing market had already been slowing in the months leading up to the referendum. The result certainly did not improve its fortunes. Perhaps unsurprisingly in the aftermath of the referendum result, the FT reported that homebuyers were now ?assessing the potential impact of the vote on house prices?.
Be on your guard
Posted by: Westcor International
When buying land it is vital to ensure that the seller has exclusive possession of the land and also owns the paper title. It is only possible to convey and receive title to a parcel of land if this is the case. The recent decision in Heaney v Kirkby brings this into sharp focus and demonstrates the problems that can arise when someone claims ownership over a piece of land by adverse possession.
Equity relief for the older borrower
Posted by: Westcor International
Despite their increasing prevalence, older people frequently faces age-biased lending criteria, often making borrowing difficult. The growing popularity of equity relief may provide the solution however.
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