MORTGAGES 1

Question 1

Roles and Responsibilities of a Lawyer

Answer 1

AND PD
A - Advising the parties to the Mortgage Transaction
N - Negotiating the title of the property sought to be mortgaged.
D - Drafting the Mortgage Instrument
P - Perfecting the Mortgage instrument
D - Discharge of the Mortgage

Question 2

Once a mortgage always a mortgage

Answer 2

Yaro v Arewa Construction Ltd (2008)

Question 3

Conditions for successive legal mortgage.

Answer 3

1. The first legal mortgage must have been created by sub demise. This does not apply to Lagos because it can be created by any mode depending on the interest.
2. It must have been created by deed
3. The value of the property must be able to accommodate the subsequent legal document
4. The successive legal mortgage must be on the same property.
5. The term of years to be created in the successive legal mortgage should be at least one dat longer than the term created n the first mortgage.