Mortgages Flashcards

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1
Q

What are the formalities to create a legal mortgage? Which Section of which Act?

A

Created in a deed. Section 52 Law of Property Act 1925

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2
Q

What are the four remedies for mortgagees?

A
  1. Possession
  2. Appointment of a receiver
  3. Power of Sale
  4. Foreclosure
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3
Q

Lenders can take possession of the property as soon as the mortgage is complete- subject to provisions within the contract. Which case?

A

Four Maids v Dudley Marshal

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4
Q

No violence or threat of violence may be used to enter a property. Which Section of which Act?

A

Section 6, Criminal Law Act 1977

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5
Q

A court can adjourn possession proceedings if a mortgagor brings a claim under which section of which Act?

A

Section 36 Administration of Justice Act 1970

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6
Q

A mortgagee does not have to bring proceedings to exercise his right to possession. Which case?

A

Rapaigealach

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7
Q

The right to appoint a receiver is implied into every deed. Which section of which Act?

A

Section 101 Law of Property Act 1925

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8
Q

The power to appoint a receiver only arises once the legal date for redemption has passed. Which section of which Act?

A

Section 101 Law of Property Act 1925

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9
Q

Where are the conditions set out for what must have occurred for the power to appoint a receiver to have become exercisable?

A

Section 103 Law of Property Act 1925

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10
Q

A receiver must be appointed in writing. Which section of which Act?

A

Section 109 Law of Property Act 1925

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11
Q

The receiver must apply the income in a certain order according to which section of which Act?

A

109(8) Law of Property Act 1925

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12
Q

With both receivership and possession, a lender must manage a property with due diligence. Which case?

A

White v City of London Brewery

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13
Q

The power of sale is implied into all mortgages created by deed. Which Section of which Act?

A

Section 101 Law of Property Act 1925

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14
Q

The power of sale must have arisen. Which section of which Act?

A

Section 101 Law of Property Act 1925

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15
Q

The power must be exercisable according to the conditions in which section of which Act?

A

Section 103 Law of Property Act 1925

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16
Q

Lenders must act in good faith and take reasonable care to obtain the true market value. Which case?

A

Cuckmere Brick v Mutual Finance

17
Q

Sellers must apply the proceeds of a sale in which order according to which section of which Act?

A

Section 105 Law of Property Act 1925:

  1. Payment of all costs charges and expenses as incident to the sale
  2. Prior mortgages
  3. Mortgagee’s own mortgage
  4. Mortgages with less priority
  5. Balance to the mortgagor
18
Q

The buyer of land from a mortgagee takes the property:

  1. Free from an interests that the selling mortgagee had priority over
  2. Subject to any interests that had priority over the selling mortgagee.

Which section of which Act?

A

Section 104(2) Law of Property Act 1925

19
Q

Explain what “foreclosure” is.

A

Foreclosure is an equitable remedy that will immediately vest all legal and equitable rights in the property in the mortgagee.

20
Q

How may a mortgagor object to foreclosure?

A

Under Section 91(2) of the Law of Property Act 1925

21
Q

In unregistered land how are mortgages registered?

A

The first mortgage takes possession of the title deeds (Section 85(1) Law of Property Act 1925

Subsequent mortgages are puisne mortgages and are created as land charges.

22
Q

A mortgagee has priority over all interests created before the mortgage, but is subject to all interests created after it. Which Section of which Act?

A

Section 104 Law of Property Act 1925

23
Q

The order of priority is dependent on the order in which a mortgage is registered on the register. Which Section of which Act?

A

Section 48 Land Registration Act 2002

24
Q

Which section governs how to distribute income for a receiver?

A

Section 109 Law of Property Act 1925

25
Q

Who was the Judge in Abbey National v Cann?

A

Lord Oliver

26
Q

Was there a scintilla temporis (moment in time) between NEPB acquiring the legal title to the property and the lender gaining a mortgage in which NEPB was free to create equitable or legal interests?

A

No there was not. Appeal to the Supreme Court pending.