Summary
Summary Legal morgages_ third party right structure.
- Course
- Institution
Legal morgages_ third party right structure.
[Show more]
Seller
Follow
lara_2002
Content preview
Legal morgages/ third party right structureRemedies:
1. Identify the lender’s aims. Does it just want to recover arrears or does it
want the entire loan repaid? Select only relevant remedies on the facts
provided.
2. For each remedy you have chosen to discuss, check that the remedy is
available to the mortgagee.
In registered land:
1. rights created after the date of registration of the mortgage without the mortgagee’s
consent will not bind the mortgagee or any buyer from the mortgagee;
2. rights created before the mortgage will bind the mortgagee and any buyer from the
mortgagee if:
3. the interest is registerable at the Land Registry and it is registered by the date of
registration of the mortgage;
4. the interest is protected by Schedule 3 of the LRA 2002 and it is in existence by the date
of creation of the mortgage.
Example recovering debts
Do this if the question looks like this:
The mortgagee’s remedies and protections for borrowers
You act for Mr and Mrs Thompson. Mr and Mrs Thompson took out a 25 year loan secured on
their home. Their mortgage is with Kirby Bank and the term has about 10 years left to run. The
amount outstanding on the loan is £160,000. The Thompsons have failed to pay the
mortgage installments for the last three months. Mrs Thompson was made redundant
four months ago, but she has recently had a job interview and she is hopeful that she will be
back in work in a month’s time. Mr Thompson is at home with their two young children. They
have fallen into arrears twice before, but on those occasions they managed to catch up. The
property is currently worth approximately £250,000.
Mr and Mrs Thompson have come to see you as they are worried that they may lose their
home.
(a) Advise Mr and Mrs Thompson on the remedies available to Kirby Bank
to recover all the sums owed under the mortgage.
(b) Are there any provisions which may protect Mr and Mrs Thompson from losing their
home?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lara_2002. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.88. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
66579 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now