Priority, amending and releasing security

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Practice notes
What is an authorised guarantee agreement (AGA)?Under an authorised guarantee agreement (AGA), an outgoing tenant guarantees some or all of the...
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28th Oct
Practice notes
What is a friendly society?There has been a system of registration, and with it regulation, of friendly societies since the enactment of the first...
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Produced in partnership with John Gilbert of Hogan Lovells International LLP 27th Oct
Practice notes
Damages or injunction — the testThe primary remedy for breach of a restrictive covenant is a permanent injunction to restrain the breach. However, the...
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22nd Oct
Practice notes
On the disposition of a property (whether by way of conveyance, transfer or charge), the party making the disposition will normally provide a title...
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26th Sep
Practice notes
Consecrated land—Church of EnglandFor the purposes of this section of this Practice Note, consecrated land means any land or building which has been...
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26th Sep
Practice notes
Resulting trusts represent one of the three types of trust which do not require to be declared or evidenced in writing. The others are constructive...
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26th Sep
Practice notes
When property markets suffer a downturn, commercial tenants with properties that are surplus to requirements face significant difficulties in...
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25th Sep
Practice notes
Official search with priority—registered land or seller’s title pending first registrationHow and when to search?An official search with priority will...
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25th Sep
Practice notes
Disposal and devolutionThe equity of redemption arises as soon as the mortgage is made. It is an interest in the land which the mortgagor...
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25th Sep
Practice notes
The second edition of the Standard Commercial Property Conditions came into force on 1 June 2004 and these conditions are incorporated into many...
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25th Sep
Practice notes
What is a Quistclose trust?A Quistclose trust is an example of an ‘automatic’ resulting trust, ie a trust which arises where property is transferred...
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25th Sep
Practice notes
Manorial rights are relics of the feudal system of land tenure. They can still exist in relation to land that:•is former copyhold land, or•was...
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25th Sep
Practice notes
A benevolent fund is an institution, including a body of trustees, which holds funds on trust for the purpose of relieving poverty amongst a defined...
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25th Sep
Practice notes
The third edition of the Standard Commercial Property Conditions was published on 27 April 2017 a...
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25th Sep
Practice notes
Subject to contractIf a party who strikes a bargain wishes to make it clear that it does not intend to enter into a binding contract until a formal...
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25th Sep
Practice notes
Nature of mortgages and chargesMortgages and charges are distinct forms of security. A mortgage can be legal or equitable and involves the transfer of...
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25th Sep

Most recent Priority, amending and releasing security content

Practice notes
STOP PRESS—Coronavirus (COVID-19) and registration of charges at Companies House: The content of this Practice Note is affected by the Companies etc...
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25th Sep
Practice notes
When/why would a lender or a borrower want to substitute security in a real estate finance (REF) transaction?The reasons why a lender or a borrower...
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25th Sep
Practice notes
In addition to ensuring its security has been validity created and perfected, a secured party will want to ensure its security ranks as it expects...
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25th Sep
Practice notes
Disposal and devolutionThe equity of redemption arises as soon as the mortgage is made. It is an interest in the land which the mortgagor...
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25th Sep
Practice notes
This Practice Note sets out the process for dealing with the release of security over commercial (as opposed to residential) property and the issues...
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25th Sep
Practice notes
Priority follows the order of registrationRegistered charges on the same registered estate will rank between themselves in the order in which they...
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25th Sep
Practice notes
The key feature of a floating charge is that, until it crystallises, the chargor is entitled to deal with the charged assets in the normal course of...
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25th Sep
Practice notes
What is a letter of non-crystallisation?A letter of non-crystallisation is required by a buyer’s/lender’s solicitor to confirm that:•a floating charge...
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25th Sep
Practice notes
Release of a suretyThe mere fact that a creditor accepts further security from the principal debtor does not release a surety. A release of the...
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25th Sep
Practice notes
VariationA registered charge must be varied by deed. The application to register the deed must be made:•in the prescribed form, and•by or with the...
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25th Sep
Practice notes
Registered proprietor of the landWhile the proprietor of a registered estate subject to a registered charge is:•in possession, and•subject to any...
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25th Sep
Practice notes
Registration can have an important effect on the priority of competing security interests.Broadly speaking, there are two different systems for...
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26th Sep
Precedents
TO BE PRINTED ON THE HEADED PAPER OF THE BORROWER’S SOLICITORSTo:[insert details of the lender](the Bank)Dear [insert organisation name]This...
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26th Sep
Precedents
[To be printed on the headed paper of the law firm acting for the lender][insert date]To:[insert name and address of the law firm acting for the...
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26th Sep
Precedents
This Deed is made on [insert day and month] 20[insert year]Parties1[insert name of Lender], a company incorporated in England and Wales with...
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26th Sep
Precedents
[ON HEADED NOTEPAPER OF CHARGEE][insert the name and address of the buyer/ second lender][insert date]Dear [insert organisation name],[Debenture OR...
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26th Sep
Precedents
TO BE PRINTED ON THE HEADED PAPER OF THE SELLER’S LENDER’S SOLICITORSTo:[insert details of the buyer’s solicitors](the Buyer’s Solicitors)[insert...
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26th Sep
Practice notes
Coronavirus (COVID-19): Transaction planning will need to take into account the impact of coronavirus (COVID-19) on execution of documents and company...
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26th Sep
Practice notes
Coronavirus (COVID-19): Transaction planning will need to take into account the impact of coronavirus (COVID-19) on execution of documents and company...
Read More >
26th Sep
Precedents
TO BE PRINTED ON THE HEADED PAPER OF THE SELLER’S LENDER’S SOLICITORSTo:[insert details of the buyer’s solicitors](the Buyer’s Solicitors)[insert...
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26th Sep

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