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Government guarantee to lenders under the Homeowners Mortgage Support Scheme
The Master Guarantee Deed in respect of the Homeowners Mortgage Support Scheme given by the Government to lenders under the Homeowners Mortgage Support Scheme has been published.
The Scheme permits those who experience a "significant and temporary" loss of income to postpone part of the interest payments on their mortgage for up to two years. Any lenders who offer the scheme, which at present include RBS and the Lloyds Banking Group, have the security of the master guarantee if any borrower defaults.
Restrictive covenant against "annoyance or nuisance" prohibits house extension
In a recent decision, the Court of Appeal upheld the High Court's decision that building a house extension was, in the circumstances, in breach of a restrictive covenant against nuisance and annoyance. To read more on this case click here.
Homes and Communities Agency: Private Rental Sector Initiative
In May 2009, the Homes and Communities Agency (Agency) launched the Private Rental Sector Initiative (Initiative).
The Agency believes that there is currently a demand for private rental housing from people who:
- Do not qualify for social housing.
- Are unable or unwilling to obtain a mortgage or buy a house in the current market.
- Prefer the flexibility that renting offers.
Under the Initiative, an investment vehicle will invest in residential housing development. The Agency would provide support to reduce the Initiative vehicle's upfront costs. This would make stalled mixed-tenure development projects more viable and allow the Initiative vehicle able to establish "seed-corn" sites. The Initiative vehicle's residential portfolio would then be managed by a professional property management company.
For more information click here.
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