Q&As

Is it possible for a mortgagee in possession to grant an option to purchase? And is a court order necessary for a mortgagee to exercise their right to grant an agricultural or occupational lease to a tenant for a maximum of 50 years under section 99 of the Law of Property Act 1925?

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Published on LexisPSL on 30/04/2018

The following Property Disputes Q&A provides comprehensive and up to date legal information covering:

  • Is it possible for a mortgagee in possession to grant an option to purchase? And is a court order necessary for a mortgagee to exercise their right to grant an agricultural or occupational lease to a tenant for a maximum of 50 years under section 99 of the Law of Property Act 1925?
  • Mortgagee’s power to grant option to purchase
  • Mortgagee’s power to grant agricultural or occupational lease

Is it possible for a mortgagee in possession to grant an option to purchase? And is a court order necessary for a mortgagee to exercise their right to grant an agricultural or occupational lease to a tenant for a maximum of 50 years under section 99 of the Law of Property Act 1925?

Mortgagee’s power to grant option to purchase

The lender will have the right, as mortgagee, to take possession of the property at any time, regardless of whether there is a default, for the purpose of protecting or enforcing its security. The lender will become a mortgagee in possession. For commercial property, a legal mortgagee has a right to possession of the property without notice or demand and usually without a court order.

A mortgagee has the right to sell the property, free

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