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Land Law: Mortgages

Quiz by samparkin92
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Last updated: April 11, 2024
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First submittedMarch 5, 2024
Times taken5
Average score2.3%
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Creation, Protection and Rights
Two ways to create a legal mortgage
By demise of a term of years absolute
Charge by deed expressed by way of legal mortgage
Statute
S.85 LPA 1925
What does a mortgage have the same as with an estate in land?
Protections
Powers
Remedies
Statute
S.87(1)(a) LPA 1925
Mortgage treated as a...?
Conveyance
Statute
S.205(1)(ii) LPA 1925
ONLY way to create a mortgage over unregistered land?
Long leasehold (3000 years)
What is needed to create a legal mortgage?
Deed
Statute
S.52(1) LPA 1925
What must deed state?
It is a charge by way of legal mortgage
Statutes
S.85(2) LPA 1925
S.86(2) LPA 1925
S.87 LPA 1925
What must then happen to the mortgage
Registered
Registered land statute
S.27(2)(f) LRA 2002
Unregistered land statute
S.(4)(1)(g) LRA 2002
Registered as...?
Class C (i) land charge
Statute
S.2(4)(i) Land Charges Act 1972
What else is needed to convey the mortgage
Contract
Requirements of the prior
Signed
All terms incorporated
In writing
Statute
S.2 LPMPA 1989
Ways an equitable charge is produced
Lack of deed
Lack of registration
Mortgage by one of two or more co-owners
Mortgage of an equitable interest
Statute of the last mentioned answer
S.53(1)(c) LPA 1925
Registered Land
Registered as a notice
Unregistered land
Class C (iii) land charge
Under a trust of land
Cannot be a notice
Statute
S.33(a)(i) LRA 2002
Lender enforcement rights
Right to pay
Possession
Sale
Appoint a receiver
Foreclosure
Right to payment
What can the mortgagee do
Sue mortgagor for amount borrowed
Possession
Methods of taking possession
Mortgagor voluntarily gives up possession
Peaceably, by changing locks
Seek court order for possession
Mortgagor protection against possession statute
S.36 AJA 1970
This section regards a...
Action for possession
against a...
Dwelling house.
subsection (2) will apply if the mortgagor can...
Pay any sums due
within a...
Reasonable period
Subsection 2- the court
May adjourn proceedings
or
Stay or suspend execution
or
Postpone date of delivery
Sale
Power of sale first...
Arises
Statute
S.101 LPA 1925
When does power of sale arise?
Legal date of redemption
How long does this tend to be in a domestic mortgage
6 months
Power of sale then...
Exercisable
Statute
S.103 LPA 1925
When should a mortgagee NOT exercise power of sale UNTIL...
Default for 3 months after notice
Interest unpaid for 2 months
Other breach of some provision
Statute for protection of purchasers
S.104 LPA 1925
Way this section protects...
Mortgagee has power to convey land
Title of purchaser not impeachable on grounds that...
No case for authorisation of sale
No due notice given
No permission of the court granted when needed
Power exercised improperly
OTHER statute for protection of purchasers
S.52 LRA 2002
Way this section protects...
Registered charge has powers of disposition at law
Duties of a selling mortgagee
Sell at market price
Obtain true market value
Cannot sell to themselves
What rules must a mortgagee consult for sale
Mortgage Conduct of Business Rules (MCOB)
Proceeds of sale order
Mortgagee
Other charges
Other mortgagees
Mortgagor
Statute
S.105 LPA 1925
Foreclosure
How is foreclosure obtained
Court order
What is its effect
Makes mortgagee outright owner
What happens to the equity of redemption
Extinguished
Powers of an equitable mortgagee
Right to payment
Possession
Power of sale
Appoint a receiver
Foreclosure
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