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Land Law

Land Law. Large Group 7 Mortgages. 1. Why are mortgages important?. Unsecured loans Secured loans. 2. What is a mortgage?. Legal mortgages : a term of years absolute, lease ends when the mortgage is redeemed

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Land Law

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  1. Land Law Large Group 7 Mortgages

  2. 1. Why are mortgages important? • Unsecured loans • Secured loans

  3. 2. What is a mortgage? Legal mortgages: • a term of years absolute, lease ends when the mortgage is redeemed • a charge by way of legal mortgage – must be created by deed (the only form available for registered land)

  4. 3. How are legal mortgages protected? • Registered land – register on the charges register • Creation of a mortgage is a trigger for first registration • Mortgages by companies – register at Companies House

  5. 5. Does the mortgagor have any rights? • The right to redeem • No clogs on the equity of redemption

  6. 6. What are the remedies available to the mortgagee? • Has the legal date for redemption passed? • Debt action • Taking possession • Appointing a receiver • Foreclosure • Power of sale

  7. Possession • Before the ink is dry on the mortgage • Physical possession – may require a court order • Or taking the rents

  8. Appointing a receiver • Is there a power to appoint? • Has it arisen? • Has it become exercisable?

  9. Foreclosure • Interim court order • Final order or order of foreclosure absolute • Court’s discretion to allow redemption • Or make an order for sale

  10. The power of sale • Is there a power of sale? • Has it arisen? • Has it become exercisable? • Protection of a purchaser • Distribution of the proceeds of sale

  11. Priority of mortgages 1990 – 1st mortgage in favour of NWB 1996 – 2nd mortgage in favour of Dalton BS Ltd 2005 – 3rd mortgage in favour of A&S Finance Ltd 2015 – defaults on Dalton BS Ltd’s mortgage

  12. 8. What other third party interests bind the mortgagee? • Interests created after registration of the mortgage: • if he has consented • if he hasn’t consented

  13. 8. What other third party interests bind the mortgagee? • Interests created before the mortgage: • registrable interests registered by date of registration of the mortgage • OIs under paras. 1, 2 and 3 of Sch. 3 existing by date of creation of mortgage

  14. 2004 2005 2006 2014 2015 breach CBS mgge reg K lease L trust BB Mgge reg

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