The following Property Disputes practice note provides comprehensive and up to date legal information covering:
A claim under the repayment covenant in the principal mortgage can be made against any covenantor, whether principal or surety. Whether or not a covenant to pay is implied in a collateral security, however, depends on the construction of the agreement. There is no personal liability where a third party mortgage to secure the debt of the principal debtor does not include a personal covenant to repay and the third party merely agrees to charge his property as collateral security for the principal debt.
Where there is collateral security, the mortgagee should ensure that they can exercise their power of sale:
in the event of any default or potential default in relation to the collateral security, and
in the event of deterioration in the strength of the covenant of a third party surety
An express power of s
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