Mortgages

Mortgage
Proprietary interest that has capacity to be legal (S1(2)(c)LPA1925)
1 of 16
Formalities for creation of a mortgage
Legal, Registered (S23(1)(a) LRA2002) and Unregistered (ss85&ss86LPA 1925)(EQUITABLE)...
2 of 16
Mortgagors rights - Equity of Redemption
right to redeem, right to have collateral adv in favour of the mortgage struck out and a right to have oppressive/unconscionable terms struck out
3 of 16
Mortgagee's rights
Priorities, Sue, Possession, Sale arises, Foreclosure and Appoint receiver
4 of 16
To be legal
Must be created by deed - S52.(1) LPA 1925, signed, witness and headed a deed (S.1 LP(MP)A 1989
5 of 16
To be equitable
Valid estate contract to create a mortgage, a contract in writing and containing agreed terms (S.2 LP(MP)A 1989)
6 of 16
Formalities for creation - Legal over unregistered land
Mortgage by Demise and Charge by way of legal mortgage (S.1(2)(c) LPA 1925)
7 of 16
Formalities for creation - Legal over registered land
Charge by way of legal mortgage (S27(2)(f) LRA 2002)
8 of 16
Equitable mortgage
Whole of equitable interest is conveyed to the mortgagee who promises to convey when the debt is paid, transfer of equitable must satisfy (S53(1)(c) LPA 1925
9 of 16
Mortgagors Rights
When a mortgagor wants to redeem the loan, he should be able to do so, recovering his property in an unencumbered syaye
10 of 16
Protecting a mortgage - Registered Land
A mortgage is a triggering event (S.4 LRA 2002) & requires registration
11 of 16
Protecting a mortgage - Registered Land
Legal mortgage must be entered on the charges register of the title in order to be protected against the purchaser for valuable consideration (S.27(2)(f) LRA 2002)
12 of 16
Protecting a mortgage - Registered Land
Equitable mortgage, it should be entered on the charges register (S.32 LRA 2002)
13 of 16
Protecting a mortgage - Unregistered Land
First legal mortgage will be evidenced by the mortgagee holding the title deeds instead of registration
14 of 16
Date of Redemption
represents the mortgagors equitable interest in the property, there must be no clogs on the equity of redemption
15 of 16
Redemption
The first date the mortgage can be paid in full can not be prevented (Toomes v Conset) BUT it can be postponed if the date of redemption is not so far in the future as to render the right to redeem illusionary
16 of 16

Other cards in this set

Card 2

Front

Legal, Registered (S23(1)(a) LRA2002) and Unregistered (ss85&ss86LPA 1925)(EQUITABLE)...

Back

Formalities for creation of a mortgage

Card 3

Front

right to redeem, right to have collateral adv in favour of the mortgage struck out and a right to have oppressive/unconscionable terms struck out

Back

Preview of the back of card 3

Card 4

Front

Priorities, Sue, Possession, Sale arises, Foreclosure and Appoint receiver

Back

Preview of the back of card 4

Card 5

Front

Must be created by deed - S52.(1) LPA 1925, signed, witness and headed a deed (S.1 LP(MP)A 1989

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Law resources:

See all Law resources »See all Land Law resources »