Taking and perfecting security

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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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9th Nov
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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9th Nov
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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9th Nov
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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9th Nov
Practice notes
In Scotland, at common law, a lease does not actually end on the specified expiry date (ish) unless:•either party gives correct and timeous...
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Produced in partnership with Kenneth S Gerber of Mitchells Roberton 12th Jan
Precedents
Panel 11 (transfer of whole)/panel 12 (transfer of part)—Additional provisions1Definitions[Lease•the lease particulars of which are set out in...
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9th Nov
Practice notes
TrespassTrespass is the unlawful presence of a person on land in the possession of another. The ownership of land includes the airspace above it....
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9th Nov
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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9th Nov
Practice notes
Coronavirus (COVID-19): The requirements to obtain an EPC before a property is sold or let can be difficult to satisfy when social distancing measures...
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9th Nov
Precedents
An adaptable Word version of this Precedent can be saved, downloaded or printed from this link:Completion statement—saleThis Precedent is a template...
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9th Nov
Practice notes
Generally, the tenant remains liable for the rent even though the premises have become unusable. Consequently, leases normally contain a provision...
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9th Nov
Precedents
Rent Review MemorandumLandlord•[insert full name of Landlord] [of [insert address] OR incorporated in England and Wales with company registration...
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9th Nov
Precedents
You are applying for registration of [insert details of property] at HM Land Registry and as part of that application you must disclose any overriding...
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9th Nov
Precedents
This Deed is made on [date]Parties1[name of person releasing the covenants] [of [insert address] OR incorporated in England and Wales with company...
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9th Nov
Practice notes
Joint insuranceJoint insurance arises where two or more people insure separate insurable interests in the same property with the same insurer under a...
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9th Nov

Most recent Taking and perfecting security content

Practice notes
Statutory power to insureWhere a mortgage is made by deed, the mortgagee has a statutory power, at any time after the date of the mortgage deed, to...
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15th Jan
Practice notes
If a charity is proposing to:•mortgage property that it owns, or•acquire property with mortgage financethere are a number of issues that the charity...
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15th Jan
Practice notes
Introduction to the Agricultural Credits Act 1928The Agricultural Credits Act 1928 (ACA 1928) created a bespoke form of security that allows a farmer...
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Produced in partnership with Tom Williams of Michelmores 15th Jan
Practice notes
If the seller’s title is pending registration at HM Land Registry, the safest course of action for the buyer is to postpone exchange until...
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15th Jan
Practice notes
The terms ‘mortgage’ and ‘charge’ are often used as though they are interchangeable. Strictly speaking, they are not. Both are security for the...
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15th Jan
Practice notes
Title to a charity's properties may be held:•in the names of the individual trustees (if the charity is a trust)•in the name of a company (either...
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15th Jan
Practice notes
RequirementThe charge is a registrable disposition. In order for it to confer a legal estate upon the chargee:•it must be registered against the...
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15th Jan
Practice notes
A legal opinion should be obtained in respect of any property transaction in England and Wales entered into with an overseas company; for example, the...
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15th Jan
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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15th Jan
Practice notes
A charity may be involved in a construction project:•to fulfil its charitable objectives (eg the construction of social housing)•to provide office or...
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15th Jan
Practice notes
Where land is held on a charitable trust, it can only be mortgaged in accordance with the provisions of Part 7 of the Charities Act 2011 (CA 2011). A...
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15th Jan
Practice notes
Exempt charity means any institution that is within Charities Act 2011, Sch 3 (CA 2011). Examples of charities included in Sch 3 are:•many educational...
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15th Jan
Practice notes
If a charity is proposing to:•mortgage property that it owns, or•acquire property with mortgage financethere are a number of issues that a prospective...
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15th Jan
Practice notes
A bank or lending institution takes security over commercial property to ensure a fast payout if the borrower goes into liquidation or receivership....
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15th Jan
Practice notes
A mortgage by estoppel arises where:•a mortgagor has no legal estate over the land he purports to mortgage, and•the mortgage or charge is otherwise...
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15th Jan
Practice notes
Incorporated v unincorporated charitiesThere are currently a number of incorporated or unincorporated structures that are adopted by...
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15th Jan
Practice notes
The fact that an overseas company is a seller, buyer, landlord, tenant, guarantor or mortgagee in relation to the sale or leasing of land in England...
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15th Jan
Practice notes
A charity may be excepted from registration if it:•is excepted by Order of the Charities Commission (and complies with any conditions), and•has a...
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15th Jan
Practice notes
Power to createA 'charge' is any:•mortgage•charge, or•lienfor securing money or money's worth. This includes:•security for the repayment of money...
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13th Jan
Practice notes
An equitable charge is created when property is expressly or constructively made liable, or specifically appropriated, to:•the discharge of a debt,...
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12th Jan

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