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Principles of Mortgage and Property Law (Tenure (Leasehold (Sub-lease…
Principles of Mortgage and Property Law
Property Law
Property Acts 1925
Law of Property Act
Land Charges Act
Land Registration Act
Key legal Provisions
18- minors cannot hold land
Loan priority by date
Right to let unless excluded
Lender not liable for loss
Lender rights to how insurance is paid
Mortgage Types
Mortgage by way of legal charge
Property owned by borrower
Lender registers a charge
Mortgage by demise
Lender owned
Transferred on full repayment
Types of joint property ownership
Joint tenancy
Joint 100% ownership
Property outside of will/ intestacy
Tenancy in common
Joint legal owners
Defined interest (Share)
Share transferred to will/intestacy on death
Either unable to sell without agreement
Trustees of the land
Tenure
Freehold
Owns outright
Poss. restriction
Leasehold
Leased for a number of years from freeholder
Sub-lease
Less original lease
Not prohibited by freeholder
Ground rent
Forfeiture
Failure to comply with lease
Commonhold
Unit (property) holders
Create Commonhold association (company)
Manage overall Mulit-unit property
The Commonhold & Leashold Reform
Main Provisions
Commonhold
Right to buy the freehold
Flats
Qualifying tenant
Lease 21+ years
Right to extend lease
Held lease 2+ years
Right to extend lease 90 years
Fair price
Right to Manage
Leaseholders setting a company
Management of the building