The following Property practice note provides comprehensive and up to date legal information covering:
So long as the equity of redemption remains vested in the mortgagor, the mortgagee may not sell the property except under an express or implied power of sale, or under a statutory power, or with the mortgagor's concurrence. See Practice Note: The equity of redemption—Postponement or limitation of the right to redeem and collateral advantage and Express, implied and statutory powers of sale: Halsbury's Laws of England .
A legal mortgagee has a right to sell the property, free from the mortgagor’s interest. However, this statutory power can be limited by contract, although most modern mortgages often include an express power, which modifies and extends the statutory power. In the absence of the statutory or an express power, a court order is needed for sale. A variation or extension of the statutory power operates as if it were a part of the statutory power.
Sections 101(1)(i) and 101(5) of the Law of Property Act 1925 (LPA 1925) confer the power of sale. In order for the statutory power of sale to apply, the mortgage must be made by deed. The registered proprietor of a registered charge over registered land is entitled to exercise owners' powers including the power to make any disposition permitted by general law. Note however that a person may not exercise all an owner’s powers where it
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Commercial Property Standard Enquiries (CPSEs) are industry standard pre-contract enquiries used in commercial property transactions. CPSEs are endorsed by the British Property Federation and are free to use. The CPSEs include specific environmental enquiries at enquiry 15 and there are several
AML and counter-terrorist financing—source of funds and source of wealthSource of funds and wealth was a key focus of the SRA’s Preventing Money Laundering and Financing of Terrorism thematic review, published in March 2018. Its findings included that:•most firms understood the distinction between
The Financial Assistance Scheme—what are the available benefits?THIS PRACTICE NOTE APPLIES TO SCHEMES ENTERING THE FINANCIAL ASSISTANCE SCHEME FROM 1 JANUARY 2012.Where a scheme, its employer(s) and individual members have satisfied the criteria for eligibility into the Financial Assistance Scheme
Capital allowances on property sales—pre-contract enquiriesThis Practice Note is about capital allowance-related pre-contract enquiries on a property transfer. It applies to the grant of a new property interest (eg a lease) as well as to the acquisition of an existing lease or freehold.For clauses
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