The Building Societies Association issued a standard set of mortgage instructions at the beginning of January. These will apply in residential transactions involving BSA members (which includes most of the major societies).

Is it necessary to provide a letter of non-crystallisation in respect of a floating charge over registered land, which is registered at Companies House but not at the LR?

If a client goes bankrupt, then probably the last thing they will be thinking about is buying the negative equity. But, it may be negligent not to advise them to do so.

If a mortgagee wants to obtain possession of an occupied residential property, then a possession order must be obtained from the court. Furthermore, s36 AJA 1970 gives the court a wide discretion, provided the borrower is likely to be able to remedy the mortgage default within a reasonable period.

There had been concern that the Companies Act 2006 (in force from 1 October) would mean that law firms could no longer sign the form when registering a security on behalf of a law firm whose client is a charging company or the charge holder.

Shared ownership leases are a way of encouraging first-time buyers. Typically, the leaseholder will buy a share (eg 75%) of the property, usually via a mortgage, and will then pay rent on the share they do not own (eg 25% of the rent an assured T would pay).

Because lessees under shared ownership leases are assured Ts (in respect of the share of the property that they do not ‘own’), it follows that the normal rules on relief from forfeiture do not apply to mortgagees.

Lenders will now have to give occupiers longer notice of residential possession proceedings.

If a charging order has been granted against the legal estate then it is important to register it without delay (so as to get priority).