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Mortgages (Rights of the Borrower (Equity of Redemption (Equitable right…
Mortgages
Rights of the Borrower
Common law right to redeem: once in a 24 hour period
Equity of Redemption
Equitable right to redeem
Can redeem at any point past the legal right to redeem
Prevention/postponement of redemption
Courts will not allow prevention of repaying altogether
Toomes v Conset
Collateral advantages
Unconscionable terms
Undue influence
Rights of the seller
Possession
Sale
Overview
Santley v Wilde
: conveyance of security over the property as security for a debt.
Protecting
Capable of being legal
s1(2)(c) LPA 1925
Must be created by deed
s52(1) LPA 1925
Formalities for deed:
s1 LPMPA 1989
Signed, witnessed, delivered (I'm yours)
Can also be equitable
Must be in writing + signed by both parties
s2(1) LPMPA 1989
Mortgage of equitable interest can only be equitable
S53(1)(c)
as minimum
S32 LRA 2002
to protect registered land
C(iii) Land Charge
to protect unregistered
Must be registered:
S.27(2)(f) LRA 2002