Mortgages - Statutes

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  • Created by: Edward
  • Created on: 01-03-16 09:32
LRA, s 23(1)(a)
Legal mortgages can only be made by legal charge
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LPA 1925, s 53(1)(a)
If there is no writing whatsoever then it cannot exist as an equitable mortgage
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LPA 1925, s 99
Mortgagor in possession can grant certain leases that will be binding on the mortgage lender
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AJA 1970, s 36
On lender’s applicn for possession of a dwelling house, the court has a statutory discretion to adjourn the proceedings or to grant a stay of execution of any order
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LPA 1925, s 105
After sale, proceeds to be held on trust and used in declining order: superior mortgages; expenses of sale; cost of selling lender’s mortgage; inferior mortgages; any residue goes to mortgagor
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LPA 1925, s 101
Mortgagor has power of sale
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LPA 1925, S 91
In proceedings, any person interested (mortgagor or subsequent mortgagor) may apply for judicial sale rather than foreclosure
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Limitation Act 1980, s 8
The right to sue for the capital sum will be statute-barred after 12 years if the mortgage is created by deed
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Limitation Act 1980, s 20(5)
Re suing for interest, the limitation period is 6 years
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LRA 2002, s 137
Rule = earlier equitable mortgage will prevail over the later
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LRA 2002, s 48
Rule = legal mortgage will rank in order in which they are entered on the Land Register
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LRA 2002, s 30
The regd charge will take priority over all unprotected mortgages
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Other cards in this set

Card 2

Front

If there is no writing whatsoever then it cannot exist as an equitable mortgage

Back

LPA 1925, s 53(1)(a)

Card 3

Front

Mortgagor in possession can grant certain leases that will be binding on the mortgage lender

Back

Preview of the back of card 3

Card 4

Front

On lender’s applicn for possession of a dwelling house, the court has a statutory discretion to adjourn the proceedings or to grant a stay of execution of any order

Back

Preview of the back of card 4

Card 5

Front

After sale, proceeds to be held on trust and used in declining order: superior mortgages; expenses of sale; cost of selling lender’s mortgage; inferior mortgages; any residue goes to mortgagor

Back

Preview of the back of card 5
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