Mortgages

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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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9th Nov
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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9th Nov
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
When property markets suffer a downturn, commercial tenants with properties that are surplus to requirements face significant difficulties in...
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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
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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9th Nov
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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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
Practice notes
Contracts are often drafted on the basis that a condition or conditions must be satisfied before completion takes place (a condition precedent)....
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9th Nov
Practice notes
Nature of an easementAn easement is an incorporeal right enjoyed by the owner of a legal estate (dominant tenement) over land in the ownership of...
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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
Coronavirus (COVID-19): This Practice Note contains guidance on subjects potentially impacted by the government’s response to the COVID-19 outbreak....
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9th Nov

Most recent Mortgages content

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...
Read More >
14th Apr
Practice notes
What is chancel repair liability?Chancel repair liability is an ancient interest which potentially benefits pre-Reformation churches in England and...
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14th Apr
Practice notes
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...
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14th Apr
Practice notes
OverviewIn normal circumstances the only recourse available to a building owner, on discovering a defect, is to seek recovery from the contractor or...
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Produced in partnership with David Savage, Construction partner at Charles Russell Speechlys 8th Apr
Practice notes
Lenders will often take security as support for a borrower's obligations under a loan. Taking security means that they will have certain rights over...
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8th Apr
Practice notes
A mortgage is one of the four types of security recognised under English law and described in Types of security.This Practice Note explains how a...
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8th Apr
Practice notes
Lenders will often take security as support for a borrower's obligations under a loan. Taking security means that they will have certain rights over...
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8th Apr
Practice notes
A lender's primary concern is that it is repaid. Even if a lender obtains a judgment for payment of the sum owed to it by its borrower, this does not...
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8th Apr
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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8th Apr
Practice notes
Repayment covenantA claim under the repayment covenant in the principal mortgage can be made against any covenantor, whether principal or surety....
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8th Apr
Practice notes
Overriding interests are interests which are binding on property even though they are not shown on the register. They bind both the registered...
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8th Apr
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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8th Apr
Practice notes
Equity of exonerationWhere the property of a spouse is charged in order to raise money for the payment of the first spouse’s debts or otherwise for...
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8th Apr
Practice notes
What additional searches should be undertaken?More specific searches and enquiries may be required depending on the property location, its surrounding...
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8th Apr
Practice notes
An unpaid vendor’s lien operates as a type of equitable charge giving the vendor full security in equity for payment of the agreed purchase price. It...
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8th Apr
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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8th Apr
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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8th Apr
Practice notes
The creation by legal owners of equitable rights by way of mortgage securityThis is a specifically enforceable contract to create a legal mortgage....
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8th Apr
Practice notes
TransferThe owner of a registered charge, who is the:•registered proprietor, or •person entitled to be registered as the proprietor can transfer the...
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8th Apr
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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8th Apr

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