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View the related checklists about Mortgagor

Land registration—first registrations at HM Land Registry—checklist

Land registration—first registrations at HM Land Registry—checklist This Checklist looks at HM Land Registry’s requirements for first registration of title upon the transfer of a freehold or leasehold estate, the grant of a new lease or the creation of a first legal mortgage. It covers which dispositions trigger first registration, the time period for registration, the consequences for failing to apply for first registration and the information that must be provided to HM Land Registry with the application. Which dispositions trigger first registration? The following dispositions will trigger compulsory first registration. Transfers of unregistered freehold and leasehold estates The transfer or assignment of: • an unregistered freehold estate in land, and • an unregistered leasehold estate in land which has more than seven years left to run at the date of assignment for valuable or other consideration, by way of gift or in pursuance of an order of any court. Note that an instrument at a negative value is included as being for valuable or other consideration. The...

Taking security—mortgage—checklist

Taking security—mortgage—checklist Scope of this Checklist This Checklist sets out the factors to consider when a company is proposing to grant a mortgage. It assumes that an English or Welsh company will be granting a mortgage to a lender situated in England or Wales. In this Checklist: • the company granting the mortgage is called the 'mortgagor' • the entity to which the mortgage is granted is called the 'mortgagee', and • the document containing the mortgage is called the 'security document' Preliminary questions before taking security by way of a mortgage • Is a mortgage the appropriate method of taking security? ◦ A mortgage transfers title to the asset with a right in the equity of redemption for it to be transferred back to the mortgagor once sums due have been paid in full (though note that certain mortgages, such as over land are statutory, meaning that there is no transfer of title). The use of the asset will remain with the mortgagor. For more information on...

View the related practice notes about Mortgagor

Amending security documents

Amending security documents Reasons for amending security documents and key risks Reasons for amending a security document There are situations where parties may consider amending security documents. Common examples include: • the parties want to make changes to the obligations being secured • the chargee wants to assign or novate its security following a transfer of the debt • the parties want to charge additional assets or change the nature of an existing charge (eg from a floating charge to a legal mortgage), and/or • the parties want to correct a mistake or document an amendment to what has been agreed Parties may consider that amending a security document may be cheaper and easier than putting a new security document in place. Key risks of amending security documents New security?: Depending on the type of amendment, there is a risk that a liquidator or administrator could argue that new security has been created risking the security being set aside (see Practice Note: Introductory guide to antecedent transaction claims—considerations...

Severance of a joint tenancy

Severance of a joint tenancy Severance is the process by which a joint tenancy is converted into a tenancy in common. It is a matter of evidence whether severance has occurred. There are limitations: • there can be no severance by will • only a beneficial/equitable interest can be severed—a legal estate must be held by way of joint tenancy (see section 36(2) of the Law of Property Act 1925 (LPA 1925) and Practice Note: Establishing a beneficial interest (joint ownership)). The consent of the other joint tenants is not required for an individual co-owner to sever a joint tenancy. Any joint tenant can sever the tenancy at any time. Severance by statutory notice It is usual to consider whether a joint tenancy should be severed when advising on relationship breakdown. Severance may be effected by statutory written notice under LPA 1925, s 36(2). This is the method most commonly used. The notice need not be in any particular form; it need not even use the term...

View the related precedents about Mortgagor

Supplemental legal mortgage for real property: single company mortgagor—bilateral—specific monies

Supplemental legal mortgage for real property: single company mortgagor—bilateral—specific monies This Deed is made on [date] Parties 1 [insert name of Chargor], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address] (the Chargor); and 2 [insert name of Lender] of [insert address] (the Lender). Recitals: (A) This Deed is supplemental to the Debenture (as defined below) pursuant to which the Chargor mortgaged and charged, among other things, all its then existing freehold and leasehold properties in favour of the Lender for the purpose of providing security to the Lender in respect of the Secured Obligations (as defined below). (B) The Chargor is entering into this Deed pursuant to clause [insert relevant clause number] (Further assurance) of the Debenture to grant a legal mortgage over the Mortgaged Property (as defined below) for the purpose of providing additional security to the Lender in respect of the Secured Obligations (as defined below). IT IS AGREED as follows: 1...

Ireland—Loan agreement and charge—individuals

The Lender(s) should comprise the name(s) of all of the lending individual(s), listed separately as (1), (2) etc. The Borrowers should comprise the name(s) of all of the borrowing individual(s), listed separately as (1), (2), etc. A legal estate or interest in land may only be created or conveyed by a deed. It must be clear from the face of the document that it is intended to be a deed. For guidance on execution of a deed by an individual see, Practice Note: Ireland—Executing simple contracts and deeds. For an execution clause (testimonium) and signature blocks, suitable for use where execution as a deed by an individual is required, see Precedent: Ireland—Execution clause—individual—deed. Drafting assumptions This Precedent is drafted on the basis that the Lender and the Borrower are individuals, and the Consumer Credit Act 1995 (Ireland) is therefore not applicable. This Precedent is not suitable for use in a commercial setting for either a business to consumer (B2C) or business to business (B2B) loan. Ireland—Loan agreement and...

View the related q&as about Mortgagor

What constitutes ‘enforcement’ under section 126 of the Consumer Credit Act 1974?

What constitutes ‘enforcement’ under section 126 of the Consumer Credit Act 1974? There is currently considerable discussion about what enforcement covers in the context of section 126 of the Consumer Credit Act 1974 (CCA 1974). Certainly the Financial Conduct Authority (FCA) considers that any coercive action taken by a security holder including the type of steps you mention fall within the scope of CCA 1974, s 126; see GC 16/7—Revised proposed guidance on guarantor loans. Wilson v First County Trust Ltd suggests that CCA 1974, s 173(3) does allow a borrower to consent to the exercise of remedies by

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Property weekly highlights—15 May 2025

This week's edition of Property weekly highlights includes: a new Law Society practice note on climate risk and property transactions, an update from the Law Society on the Committee Stage of the Renters’ Rights Bill and on form TA6 following NTSELAT’s withdrawal of its material information guidance, a consultation on draft regulations to alter valuation framework for telecoms leases, a change to permitted development rights that support the installation and operation of off-street electric vehicle charging points and cases on boundary determination, rescission of a declaration of trust, interpretation of the sequential test in national and development plan policy for retail development and the setting aside of a possession order in favour of administrators where the property was subject to a mortgage with receivers already appointed.

Property weekly highlights—8 May 2025

This week's edition of Property weekly highlights includes: a Supreme Court decision on the qualifying period for adverse possession, cases on adverse possession and death, consideration for interim access under the Telecoms Code, overriding interests, discharge of obsolete restrictive covenants and service charges for substandard work, plus an update on Law Commission recommendations.