Sale by a mortgagee destroys the equity of redemption in the mortgaged property. The sale defeats the rights of all subsequent incumbrancers, whose remedy then is only...
Date[insert date of appointment] Parties 1 [insert name of Lender] of [insert address][incorporated in England and Wales with company registration number [insert company...
Repayment covenant A claim under the repayment covenant in the principal mortgage can be made against any covenantor, whether principal or surety. Whether or not a...
Impact of appointment The effect of the appointment of an LPA/fixed charge receiver is very different from that of an appointment of an administrator, liquidator or...
This Practice Note considers some issues that may arise in the context of the enforcement of security by the appointment of a receiver over property that is subject to a...
Security over land can be taken by way of mortgage or charge with the appropriate form often depending on the significance of the land to the borrower's business or the...
This Practice Note covers the rights and responsibilities of a mortgagee in possession. Rights A legal mortgagee has a right to possession of the property. However, this...
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...
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...
Whether or not a mortgagee deed includes an express power, the Law of Property Act 1925 confers a statutory power of sale on lenders. The Administration of Justice Act...
The general prohibition Residential mortgages provided in the course of a business potentially fall within the Financial Services and Markets Act 2000 (FSMA 2000) general...
In this Practice Note, ‘borrower’ and ‘mortgagor’ are used interchangeably, as are ‘lender’ and ‘mortgagee’. This Practice Note also applies to fixed charges (although...
Overreaching is a statutory mechanism available to a mortgagee (amongst others) to confer title on the buyer free from charges and encumbrances ranking subsequent to the...
The Law of Property Act 1925 (LPA 1925) enables a mortgagee of a legal mortgage to appoint an LPA receiver. This right may alternatively (and more usually will) arise...
Receivers—background Receivers have been a recognised in English law as a remedy available to creditors and others wishing to protect their interest in assets since the...
Powers—general The statutory powers conferred on an LPA/fixed charge receiver are very limited and so for a receiver to exercise the duties which his appointing mortgagee...
Powers—general The statutory powers conferred on an LPA/fixed charge receiver are very limited and so for a receiver to exercise the duties which his appointing mortgagee...
The Mortgage Repossessions (Protection of Tenants etc) Act 2010 (MR(PT)A 2010) applies where a landlord of a mortgaged property grants a residential tenancy without...
A debtor under a regulated consumer credit or consumer hire agreement may be granted more time by the court to repay the debt if it is just to do so. The court may amend...