Mortgages

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Practice notes
The Third EditionThe third edition of the Standard Commercial Property Conditions was published on 27 April 2017. It is an update to Standard...
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9th Nov
Practice notes
How should the money be transmitted?Most contracts relating to commercial property incorporate either the second or third editions of the Standard...
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9th Nov
Practice notes
There can be only one lease at a time giving a right to possession and occupation of property. Consequently, if a landlord subsequently grants a lease...
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9th Nov
Precedents
1 The Grantor grants to the Grantee the right for the Grantee and his successors in title as owners or occupiers for the time being of...
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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
When transferring an interest in land, any fixtures form part of the land and are transferred with it, unless there is express provision to the...
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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
Precedents
[To be printed on Landlord’s letterheaded paper]Our Ref:Date:To: [insert name of Tenant]From: [insert name of previous Landlord] [of [insert address]...
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9th Nov
Practice notes
The rule against derogation from grant applies in addition to any obligation of quiet enjoyment. It is not excluded by an express covenant for quiet...
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9th Nov
Practice notes
What is a headline rent?In a falling market, landlords frequently offer tenants financial inducements to take a lease in order to maintain the level...
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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
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
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
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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9th Nov
Practice notes
Millett LJ subdivided types of constructive trust into two categories, distinguishing between:•the constructive trust proper, where equity intervenes...
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9th Nov

Most recent Mortgages content

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
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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8th Apr
Practice notes
The owner of an unregistered estate (as opposed to a registered estate) can still create a mortgage by demise or sub-demise. However, the mortgage...
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8th Apr
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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8th Apr
Practice notes
What are overriding interests?Overriding interests are interests which are binding on property even though they do not appear on the register. They...
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8th Apr
Practice notes
This Practice Note sets out the searches that should be carried out prior to completion (pre-completion searches), including priority searches (OS1...
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8th Apr
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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8th Apr
Practice notes
This Practice Note covers the rights and responsibilities of a mortgagee in possession.RightsA legal mortgagee has a right to possession of the...
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8th Apr
Practice notes
Land charges are registered to protect the interests, in unregistered land, of a person who does not hold the title deeds and thus cannot physically...
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8th Apr
Practice notes
In Smith v Eric S Bush, the House of Lords held that a valuer who reports on a property for a prospective mortgagee, knowing that a prospective...
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8th Apr
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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8th Apr
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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8th Apr
Practice notes
What is a regulated home purchase plan?A regulated home purchase plan (HPP) is similar to a mortgage and provides home buyers with finances compatible...
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8th Apr
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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8th Apr
Practice notes
When a bankruptcy order is made, a bankrupt’s property normally automatically vests in the Official Receiver/trustee in bankruptcy. However, property...
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8th Apr
Practice notes
Sale by a mortgagee destroys the equity of redemption in the mortgaged property. The sale defeats the rights of all subsequent incumbrancers, whose...
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8th Apr
Practice notes
The 1990s saw a series of cases brought by lenders against their solicitors. The lenders were attempting to recover mortgage advances where they had...
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8th Apr
Practice notes
Compulsory first registrationThe buyer of an unregistered freehold or lease with more than seven years unexpired (ie a qualifying estate) has a...
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8th Apr
Practice notes
A good marketable title is shown where a seller is able to deduce a good title to the property he has contracted to sell. The seller is not required...
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8th Apr

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