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Pursuant to section 101 of the Law of Property Act 1925 (LPA 1925), a legal mortgagee has a right to sell the property, free from the mortgagor’s interest at the time when the mortgage sum becomes payable. This is the legal date for redemption and will be set out in the mortgage deed.
This statutory power can be limited or modified within the mortgage deed, although the modification will o
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Disposal and devolutionThe equity of redemption arises as soon as the mortgage is made. It is an interest in the land which the mortgagor can:•transfer, lease or mortgage inter vivos, or•by will (it passes on intestacy)No cloggingIt is a fundamental principle of a mortgage that there must be no clog
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