Mortgages Flashcards
s.89 LCLRA 2009
a legal mortgage of land may only be created by a charge by deed
s.97 LCLRA 2009
Possession
mortgagee can take possession w/o court order if the mortgagor consents within 7 days
s.98 LCLRA 2009
mortgagee can take possession when the mortgagor has abandoned the property
s.99 LCLRA 2009
once the mortgagee has taken possession, they must exercise the power to sell or lease the property
s.100 LCLRA 2009
Power of Sale by court order will be granted where:
1. a notice has been given to pay mortgage debt
2. interest is 2 months in arrears
3. the mortgagor is in breach of a provision
4. the mortgagee has given 28 days notice of possiblity of sale
s.103 LCLRA 2009
the mortgagee must ensure that the property is sold at the best price
s.105 LCLRA 2009
if there is an improper power of sale exercised and the mortgagor suffers a loss, they are entitled to damages
s.108 LCLRA 2009
Right to Appoint a Receiver
the mortgagee can appoint a receiver to manage the property and the income from it
Part 10 LCLRA 2009
Right of Redemption
the mortgagor has the right to redeem a mortgage on payment of the debt
s.116 LCLRA 2009
Judgment Mortgage
a creditor who has a judgment debt can apply to register a judgment mortgage in the LR/RoDs
s.117 LCLRA 2009
Judgment Mortgages operate as a charge and the creditor has enforcement rights
- JM have a weak claim to priority
- Creditor can apply for sale of property
s.62 Registration of Title Act 1964
Creation of legal mortgage pre-LCLRA of registered land
- mortgage created by charge
