From 22 April 2014, divorcing and separating couples in England and Wales are required to attend a Mediation Information Assessment Meeting (MIAM) before making an application to Court. The aim of the meeting is see if an agreement can be reached amicably with a view to speeding up the process and reducing costs.
Please do not hesitate to get in touch with Ian Daniels, Samantha Chater or Sarah Edgington of our Family Department if you would like to discuss the process or if you need further information.
The new Mortgage Market Review rules came in to force on 26 April 2014 effecting, amongst other things, affordability testing requirements on mortgage applications made from that date. The new rules are designed to reduce the risk of a repeat of the financial crisis of 2007. The onus is now on the individual Lenders to ensure that the borrower can afford the mortgage repayments now and in the event of an increase in the interest rates. The requirements of individual Lenders will of course vary. It is now even more important to proceed as quickly as possible with your mortgage application once you have found your ideal property.
Please do not hesitate to get in touch with Duncan Colledge of our Residential Conveyancing Department if you would like details of one of our trusted local independent mortgage advisors to help guide you through the mortgage application process or if you need further information.