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Mortgage: Difference between revisions
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{{a|glossary|}}{{a|security|}}A sort of [[security interest]] — a {{t|legal security}} interest, in fact that involves transferring legal title to property as security for a debt. Your mum and dad probably had one on their house, but have paid it off now. | {{a|glossary|}}{{a|security|}}A sort of [[security interest]] — a {{t|legal security}} interest, in fact that involves transferring legal title to [[property]] as [[security]] for a [[debt]]. Your mum and dad probably had one on their house, but have paid it off now. | ||
Mortgages are not ''just'' security interests over [[real estate]] by the way. any security over a [[chattel]] counts. Under the Law of Property Act 1925]]: | |||
:“'''[[Mortgage]]'''” includes any [[charge]] or [[lien]] on any [[property]] for securing [[money]] or money’s worth; “[[legal mortgage]]” means a mortgage by demise or subdemise or a [[charge]] by way of legal mortgage and “legal mortgagee” has a corresponding meaning; “mortgage money” means money or money’s worth secured by a mortgage; “'''[[mortgagor]]'''” includes any person from time to time deriving title under the original mortgagor or entitled to redeem a mortgage according to his estate interest or right in the mortgaged property; “'''[[mortgagee]]'''” includes a [[chargee]] by way of legal mortgage and any person from time to time deriving title under the original mortgagee; and “mortgagee in possession” is, for the purposes of this Act, a mortgagee who, in right of the mortgage, has entered into and is in possession of the mortgaged property; and “right of redemption” includes an option to repurchase only if the option in effect creates a right of redemption; | |||
===Formal execution requirements=== | |||
To benefit from the terms of the [[Law of Property Act 1925]], a [[mortgage]] must be executed as a [[deed]]. That means it must be “clear on its face” that it is intended to be a deed and it must be “validly executed as a deed”. | |||
{{sa}} | |||
*[[Electronic execution]] | |||