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Showing posts from December, 2011

New approach to the offer of mortgages

Changes put forward by the Financial Services Authority will introduce some of most significant changes to the mortgage market this country has seen in recent times.
The FSA new rules for banks  to follow on approving mortgages are designed to make sure customers are not able to borrow more than they can afford. They include a ban on self-certification mortgages, new rules for those seeking to remortgage, stricter rules on interest-only mortgages, improved affordability checks, and a change in the rules on how advice is given by mortgage brokers.
These changes have come about prevent another boom in mortgage lending and in house prices. This is what happened in the middle of the last decade and why some right wing commentators say we are now facing one of the worst financial disasters ever witnessed.
So how does the affordability test, as proposed, work?
A lender will consider how much you spend on essential household expenditure such as heating and council tax plus basic living costs an…

Merry Christmas

We would like to take the opportunity to wish all of the followers of our Blog a very merry Christmas and a happy New Year and to invite you all to take some time out to read our Christmas Newsletter which you can find HERE
All the best from the team at MJP Solicitors in Norwich - have a good one!

Letter to the Justice Secretary

Dear Mr Clarke,
I wanted to write to you and express my dismay at your comments in the press this week:-
“What we have marching towards us is an army of lawyers advancing behind a line of women and children saying, of course, they're not concerned about the income of the profession, they're only concern is these vulnerable clients who would be adversely affected if they're not paid at the rate they currently are".
I was deeply offended by what you said.
I am one of your “lawyers advancing…………..” and am against your proposals for removal of legal aid for clinical negligence claimants and even more so against the idea of taking up to 25% of a Claimants damages for a success fee. I have never been in this game for money.  I have always carried out this job so that I can help accident victims. That is my first priority and always has been. I have a real passion for helping accident victims.
Only this morning I spent 2 hours with an 18 year old and her mother talking about her…

Are Banks lending to the legal sector?

I have attended many conferences over the past month or so and have had to listen to one bank representative after another making claims of how wonderful they are when it comes to helping the legal profession.   Often presenting with a smile and twinkle in their eye I have had to sit and listen to how lending to the legal sector is up on the previous year and how they have extended overdrafts and provided loans for practices to develop.
Listening and drifting off to another world it is easy to get lost in the fluffy words and  believe how lucky we are to have banks who despite the deepening recession and meltdown in Europe, are still there to help when help is needed.
Unfortunately the reality bears no relationship to this fairyland rhetoric. Yes, banks are lending to the sector, and perhaps lending is up, but the fact is that a solicitor business is viewed no different from any other business, and unless you meet the credit criteria fixed by some faceless person stuck somewhere is a …