The Bank of England’s Prudential Regulation Authority (PRA) will announce new lending requirements for landlords in the coming weeks. Under the new rules, landlords will have to show that they can provide rental income of 145% of their mortgage payments – up from 125% – and at stress rates of 5.5% – up from 5.25%. Alistair Hargreaves at John Charcol argues that the crackdown on buy-to-let will not help first-time buyers who he says will be priced out by larger, professional landlords once amateur landlords are forced to sell.

The Times, Page: 61

Posted 24/09/2016

 

Yahoo was sued yesterday by a user who accused it of gross negligence over a huge 2014 hacking in which information was stolen from at least 500m accounts. Ronald Schwartz, a New York resident, sued on behalf of all Yahoo users in the US whose personal information was compromised. Mr Schwartz is represented by two large US class-action specialists, Robbins Geller Rudman & Dowd and Labaton Sucharow.

The Daily Telegraph

Posted 24/09/2016

 

Thousands of flat owners who rent out their homes on websites like Airbnb are likely to be breaking the law, a court has ruled. Homeowners whose leases state their properties can be used “as a private residence only” cannot rent out their homes short term, according to the Upper Tribunal’s Land Chamber. The leasehold ruling was made after property developer Iveta Nemcova, of Enfield, north London, was brought to court by neighbours over renting out her property on Airbnb, TripAdvisor and holidaylettings.com. “Granting very short term lettings (days and weeks rather than months) [….] necessarily breaches the covenant [not to use the property as anything other than a private residence],” Judge Stuart Bridge ruled. Giles Peaker, property specialist at Anthony Gold solicitors, said that the ruling had “huge significance” for short-term lettings companies such as Airbnb. “In terms of practical consequences, this is serious for Airbnb, mainly because the ‘private residence’ clause is a common, but not universal, feature of leases,” he said.

The Times, Page: 16   Daily Mail   The Sun, Page: 16

Posted 23/09/2016

 

Research by Nottingham Building Society has found 24% of under-35s’ top savings priority is property, while just 8% said pensions are the main focus of their savings. The research echoes comments made by the BoE’s Andy Haldane who said he would rather invest in property than pensions. The study also found a third of under-35s are saving for their first home or to move home, compared with 15% of the population as a whole.

City AM

Posted 22/09/2016

 

The European Commission has approved Swiss plans to prioritise local workers for jobs, in an agreement that could pave the way for a British deal on curbing immigration. Jean-Claude Juncker said Switzerland could introduce rules restricting recruitment from abroad without being kicked out of the single market.

Daily Mail   The Times

Posted 21/09/2016

 

Jeremy Hunt acted illegally by imposing a new contract on NHS junior doctors, the high court has been told in the legal challenge to the health secretary’s handling of the dispute. Lord Justice Green, hearing the case, rejected a claim by Mr Hunt’s counsel Clive Sheldon QC in pre-hearing legal argument that Justice for Health’s claims were without substance, saying: “This is plainly a serious case which requires full judicial review.” Justice for Health’s legal argument states that the campaign group, consisting of Dr Nadia Masood, Dr Ben White, Dr Francesca Silman, Dr Amar Mashru and Dr Marie-Estella McVeigh “seeks an order quashing the decision of the secretary of state; [and] declarations that the secretary of state had no power to make the decision which he purported to make on 6th July 2016, that the purported imposition was unlawful and that the secretary of state has acted unlawfully”.

The Guardian, Page: 6   Financial Times, Page: 3   Daily Mirror, Page: 4   The Sun, Page: 2   Yorkshire Post, Page: 6

Posted 20/09/2016

 

A survey by Stephensons and the RAC reveals motoring offences dominate a list of the most frequently broken laws in the UK. The top ten most common offences are: Speeding; Eating while driving; Downloading music; Dropping litter; Using a mobile while driving; Cycling on the pavement; Parking on the pavement; Urinating in public; Breaking the smoking ban; and ignoring red lights.

Daily Mirror, Page: 4

Posted 19/09/2016

Campaign group Property118 has announced plans to launch a legal action over the decisions of Skipton Building Society and the Bank of Ireland to raise some of their mortgage rates. The action group has previously won a £27.5m payout from the West Bromwich Building Society after arguing that the lender was not allowed to increase the rates on its tracker mortgages. The same barrister who represented the last case, Mark Smith of Cotswold Barristers, will lead the Skipton case.

The Daily Telegraph

Posted 17/09/2016

MPs have called on the government to carry out a full review of family courts to stop them being used by violent men to perpetuate abuse against their partners and children. MPs were debating research by Women’s Aid which revealed that, between 2005 and 2015, 19 children in 12 families were killed by violent fathers who had been given access to them through child contact arrangements. Concerns have been raised that deep-seated cultural attitudes among family court judges are putting the rights of abusive men above the safety of women and children.

The Guardian, Page: 17

Posted 16/09/2016