Legal Mortgages And Consolidation Flashcards
1
Q
What is a mortgage ?
A
Interest over land granted as security for a loan.
2
Q
What must be true for power of sale to apply ?
A
It must exist, have arisen, and and become exercisable
3
Q
What does it mean for power of sale to exist ?
A
Expressly states within mortgage deed
4
Q
What does it mean for power of sale to have arisen?
A
Mortgage money must be due, and any instalment under a mortgage must be due
5
Q
What does it mean for power of sale to become exercisable ?
A
- Lender has given borrower notice to repay the loan and has not paid for 3 months after
- interest in arrears for two months after being due
- borrower breached a term of the mortgage
6
Q
What remedies are available to a lender with regards to legal mortgage ?
A
- Possession
- Power of sale
- debt action
- appointing a receiver
- foreclosure
