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Mortgage: Difference between revisions
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{{a| | {{a|banking|}}{{a|security|}}A sort of [[security interest]] — a {{t|legal security}} interest, in fact, that involves transferring ''[[legal title]]'', but not ''[[beneficial ownership]]'', 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]]: | 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; | :“'''[[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; | ||
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===Formal execution requirements=== | ===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”. | 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}} | {{sa}} | ||
*[[Electronic execution]] | *[[Electronic execution]] | ||