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5 Cards in this Set
- Front
- Back
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Definition of a mortgage |
Santley v Wilde A mortgage is a transaction under which land or chattels are given as security for pay |
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Creation of freehold mortgage at law |
s85(1)LPA 1925 Term of years - mortgagee granted by long leasehold usually 3,000 years, when mortgage repaid, lease ends Legal charge - legal interest under s1(2)(c) LPA 1925 |
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Creation of leasehold mortgages at law |
Sub-lease under s86(1) LPA 1925 |
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Equitable mortgages |
Agreement for mortgage - found in contract s2 LP(MP)A 1989 Equitable charge Mortgage of equitable interest Prior to registration - mortgage not legal under it’s actually registered. |
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Protection of mortgagor |
No clogs or fetters Right to redeem must not be subject to an restrictions Postponement of the right to redeem |
