Government’s plan to boost UK house building
Recently the Prime Minister announced a new housing and planning package that is intended to stimulate:
- up to 70,000 new homes, including affordable housing and opportunities for first-time buyers to get onto the housing ladder
- 140,000 jobs and a boost to the construction sector
- a £40bn guarantee for major infrastructure projects and £10bn for new homes
The new package will assist up to 16,500 first-time buyers by providing a £280m extension of the FirstBuy scheme, which assists first-time buyers in the purchase of new homes by providing a loan of up to 20% of the value of the property. Under the FirstBuy scheme, a first-time buyer only needs a 5% deposit, together with an 80% mortgage: the FirstBuy scheme will pay the balance.
As it is limited to new build properties the announcement will not directly benefit the sale of repossessed properties.
Further information and consultations are expected shortly. In the meantime the Government’s announcement is available here.
Land Registry Practice Guide 36A – LPA Receivers
The Land Registry has published a new Practice Guide which deals with the land registration aspects of transfers of a registered estate where the disposition is executed on behalf of the borrower by a receiver appointed by a lender under the provisions of the Law of Property Act 1925. The Practice Guide covers transfers by receivers appointed in respect of both individual and corporate borrowers.
A lender may appoint a receiver under the statutory power contained within section 101 of the Law of Property Act 1925 or where there is an express power to do so in a mortgage.
The Land Registry’s Practice Guide deals with various scenarios in which a receiver has been appointed, and will assist conveyancers in understanding the receiver’s powers and how they relate to registration of a transfer from the receiver. Themes touched on by the Practice Guide include:
- Issues common to transfers by receivers, including where the borrower is bankrupt and where there are parties other than the borrower who own the property;
- Execution of documents by receivers;
- Applications for registration based on dispositions by receivers; and
- Register entries on appointment of receivers.
The Land Registry’s Practice Guide can be viewed here.