The Governments much publicised efforts to help thousands of households with an injection of hundreds of millions of pounds for its Mortgage Rescue Scheme has received much criticism and indeed in the initial months had looked like floundering. With the Scheme initially failing to reach its target audience and with low levels of uptake across the UK more and more HomeBuy Agents were encouraged to do more to roll the funds out so that they reach those households most in need.

However, the Housing Team at QualitySolicitors Wilson Browne (QSWB) had been working closely with East Midlands Housing Association Limited (EMHA) right from the first introduction of the Mortgage Rescue Scheme and are delighted to have recently overseen the 250th completion that EMHA have facilitated.

EMHA and QSWB worked very much in partnership and after EMHA made a great success of early cases they were then asked to work as a syndicated partner for other Housing Associations, effectively negotiating and facilitating Mortgage Rescue Scheme purchases for those other Housing Associations. EMHA and QSWB now work in partnership with 5 other Housing Associations and have now seen a total of 250 completions across Leicestershire, Nottinghamshire and Derbyshire. These 250 cases included both the Government Mortgage to Rent and the Shared Equity options

Chan Kataria, EMH Group Chief Executive said “Mortgage Rescue is a great scheme. It allows hundreds of families to stay in their own homes rather than be evicted because of mortgage arrears. Given the current economic and financial hardship faced by many families, it is all the more important that the Government continues to provide funding for this scheme.”

Lindsey Richards, Head of Midlands South, Homes and Communities Agency said; “We are really pleased that HCA has been able to support 250 households with Mortgage Rescue during a very difficult economic climate. Working with EMHA and our established network of housing associations, we are able to reach out to many more people at a local level and keep them in their homes.”

The Housing Team at QualitySolicitors Wilson Browne are able to advise under both Schemes and assist with the investigation of Title, the drafting of the appropriate paper, the undertaking of appropriate Searches and the Registering of the relevant interest, be it a Second Charge under the shared equity option or by way of ownership under the Mortgage to Rent option. In going through this process we are able to flag up and advise upon issues such as Second Charges, Charging Orders that may affect the Property and in some cases the involvement of the Official Receiver. Our Housing Team is in the meantime more then happy to work alongside individual Solicitors in these cases and help guide them through the process so as to ensure matters are dealt with swiftly. Associate Solicitor Tom Warrender, who heads up our Mortgage Rescue Team commented “Given the nature of Mortgage Rescue there is a very important degree of urgency in each of these cases and we pride ourselves in not only progressing matters swiftly and efficiently and keeping our client up to date but also in working with the Sellers Solicitors to ensure that matters progress within the very delicate time frames required.”

“There are so many variables in each particular Mortgage Rescue case, that Associations could quite easily be put off assisting under the Scheme” continues Tom. “However, we were delighted to see from the outset how East Midlands Housing Association Limited showed a great interest in wanting to assist under the Scheme and we have been delighted to be able to work with them in putting the Scheme into effect. To have worked with EMHA on some 250 Mortgage Rescue completions is absolutely fantastic. The scheme has reviewed mixed reviews, but at moments like this it is important that we actually reflect on what a fantastic milestone this is. The Scheme has not only benefited those 250 households, but has also enabled numerous local authorities, Housing Associations, solicitors, surveyors and contractors to work in partnership to make the scheme a success.“

So for EMHA and their syndicated partners, that is now 250 completions down and more cases on the horizon. Avoiding homelessness, creating work and generally giving an all-round sense of satisfaction – perhaps the Scheme deserves more credit than it has received?

For more information on the Mortgage Rescue Scheme log onto http://www.communities.gov.uk/housing/buyingselling/mortgagerescuemeasures/ or contact Tom Warrender on 01604 876697 or by email at twarrender@qswblaw.com.