Mortgages Part Two Flashcards
What legislation governs mortgages after 1 December 2009?
The Land and Conveyancing Law Reform Act 2009 (LCLRA 2009).
What law applies to mortgages created before 1 December 2009?
The Conveyancing Acts 1881–1911 and the Registration of Title Act 1964.
Why was the LCLRA 2013 enacted?
To fill the enforcement gap caused by the repeal of pre-2009 laws without proper replacement.
When can a mortgagee take possession?
On borrower default; often via s.62(7) of the Registration of Title Act 1964.
What is the statutory power of sale under s.19 CA 1881?
It allows mortgagees to sell after 3 months default, 2 months interest arrears, or breach.
Who is a receiver and what do they do?
An appointed agent who manages the property and applies income to the debt.
What is foreclosure?
Court order extinguishing equity of redemption and transferring ownership to the mortgagee.
What is consolidation?
Mortgagee may require both mortgages (on different properties) to be redeemed together.
What does section 96 of LCLRA 2009 provide?
Rights and powers are available from mortgage creation; exercisable when needed.
Has foreclosure been abolished?
Yes, by section 96(2) of the 2009 Act.
What triggers the power of sale under section 100?
3 months default post-notice, 2 months interest arrears, or breach of a non-payment term.
When can a receiver be appointed under s.108?
After default triggers similar to those for a power of sale.
Is consolidation allowed for housing loan mortgages post-2009?
No, consolidation rights do not apply to housing loan mortgages under section 92.
What is the equity of redemption?
The right to reclaim the property once the debt is repaid in full.
What are ‘clogs’ on redemption?
Contract terms that unfairly limit or delay the mortgagor’s right to redeem.
Are collateral advantages allowed?
Yes, if they are not oppressive, not post-redemption, and not inconsistent with the right to redeem.
Can a mortgagor inspect title deeds?
Yes, under section 91 of the 2009 Act, at reasonable times and with cost reimbursement.
What is an unconscionable bargain?
A mortgage term that is unreasonably harsh or unfair and may be struck down.
What consumer protections apply?
Consumer Credit Act 1995, EU Unfair Terms Directive, and CPC/CCMA Codes.
Can a mortgage be void if the lender lacks a licence?
Yes, as in Wise Finance v Hughes.
What did Start Mortgages v Gunn decide?
s.62(7) no longer available post-1 Dec 2009 unless right accrued before that date.
What is the Consumer Protection Code 2012?
Central Bank guidance on fair treatment of borrowers (esp. in arrears). Courts may consider non-compliance.
What does the Code of Conduct on Mortgage Arrears 2013 do?
Requires lenders to seek alternatives before repossession (Stepstone v Fitzell).
What is a Personal Insolvency Arrangement (PIA)?
Debt solution under the Personal Insolvency Act 2012 for debts < €3 million.
What did the LCLRA 2013 restore?
Enforcement rights for pre-2009 mortgages by reviving repealed statutory provisions.
What are the Mortgage Credit Regulations 2016?
EU rules transposed into Irish law to standardize mortgage practices and increase consumer protection.
