A charge by way of legal mortgage can be created on freehold and leasehold property1. The charge is created by deed expressed to be by way of legal mortgage2. It ranks as a legal estate3, although no term of years is actually created4, and it gives the chargee the same protection, powers and remedies as if a mortgage term for 3,000 years without impeachment of waste in the case of freeholds5, or a mortgage sub-term less one day than the term vested in the mortgagor in the case of leaseholds
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Background to the Single RulebookHistorically, the European Commission (Commission) favours using Directives (rather than Regulations) to set out its legislation in respect of the financial services sector. However, Directives, allowing Member States greater flexibility in how they implement
Broadly, the doctrine of overreaching enables purchasers (which includes tenants and mortgagees) in good faith for money or money’s worth to rely solely on the legal title. In the case of registered land, this means the entries entered on the register of title, as it records ownership of the legal
This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.Note: this Practice Note does not deal with the
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