The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
Land (or real property) is commonly offered as security for a loan. In this context, land has more relevance than some other assets because it can be used in personal lending transactions (eg home purchases) as much as commercial lending transactions.
In commercial lending transactions, land is particularly commonly offered as security:
as part of a package of security over the whole of a company's assets (see Practice Note: Key features of debentures)
in property finance (where land is acquired as an investment or bought for the purposes of development—see Practice Note: Security in real estate finance transactions), and
in project finance (where the project site usually represents a significant proportion of the borrower's assets—see Practice Note: Security in project finance transactions)
This Practice Note explains the key issues that arise when taking security over land located in England or Wales and covers:
the types of security that can be created over land
how to create a legal mortgage over land
how to create an equitable mortgage or charge over land
formalities when creating security over land
key terms of the security document
tacking further advances
perfection and priority issues, and
enforcement of security over land
This Practice Note focuses on registered land because the majority of land located in England and Wales is now registered. For information about taking security over unregistered
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