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Chapter

Cover The Principles of Land Law

11. Mortgages  

This chapter examines mortgages, which are fundamental to the functioning of modern land law. They are the means by which most people finance the acquisition of their property. However, mortgages are more than simply a commercial transaction between a lender and a homeowner. They are also a property right in themselves and this brings with it a wide variety of options for the lender in terms of recovering their security. They also pose huge risks for the borrower. The chapter then explains the nature of the mortgage right and considers what terms can and cannot form part of a mortgage agreement. It also details the formal requirements of mortgages in terms of their creation, and identifies problems in the creation of a mortgage and the effects of these, looking in particular at the issues caused by undue influence. Moreover, the chapter describes the rights and obligations of the borrower in a mortgage (mortgagor), as well as that of the lender (mortgagee). Finally, it reflects on the third party effects of a mortgage, priorities, and land registration.

Chapter

Cover The Principles of Land Law

12. Easements and Profits  

This chapter examines mortgages, which are fundamental to the functioning of modern land law. They are the means by which most people finance the acquisition of their property. However, mortgages are more than simply a commercial transaction between a lender and a homeowner. They are also a property right in themselves and this brings with it a wide variety of options for the lender in terms of recovering their security. They also pose huge risks for the borrower. The chapter then explains the nature of the mortgage right and considers what terms can and cannot form part of a mortgage agreement. It also details the formal requirements of mortgages in terms of their creation, and identifies problems in the creation of a mortgage and the effects of these, looking in particular at the issues caused by undue influence. Moreover, the chapter describes the rights and obligations of the borrower in a mortgage (mortgagor), as well as that of the lender (mortgagee). Finally, it reflects on the third party effects of a mortgage, priorities, and land registration.

Chapter

Cover Land Law

8. Mortgages and Security Interests in Land  

This chapter examines the law governing security interests that can exist in land, with particular emphasis on the legal charge by way of mortgage in the social setting of home ownership. It first considers the four different types of security interest that can exist in land — the pledge, the lien, the mortgage, and the equitable charge — before discussing the equity of redemption and its significance into the realm of the legal charge by way of mortgage. It then explains the rights and powers of the lender on the enforcement of the security and the ways in which the law seeks to protect the borrower as the more vulnerable party during the course of the mortgage transaction. It also explores the principle of procedural fairness in transactions involving surety mortgages, focusing on the concept of undue influence, and concludes with an analysis of regulatory control of mortgage terms.

Chapter

Cover Essential Cases: Land Law

Cheltenham & Gloucester plc v Norgan [1996] 1 WLR 343, Court of Appeal  

Essential Cases: Land Law provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Cheltenham & Gloucester plc v Norgan [1996] 1 WLR 343, Court of Appeal. The document also includes supporting commentary from author Aruna Nair.

Chapter

Cover Essential Cases: Land Law

Cheltenham & Gloucester plc v Norgan [1996] 1 WLR 343, Court of Appeal  

Essential Cases: Land Law provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Cheltenham & Gloucester plc v Norgan [1996] 1 WLR 343, Court of Appeal. The document also includes supporting commentary from author Aruna Nair.

Chapter

Cover Textbook on Land Law

22. Mortgages and charges  

Course-focused and comprehensive, the Textbook on Land Law provides an accessible overview of one key area on the law curriculum. This chapter examines the types of mortgages or charges of land and interests in land which may be created. It also considers the rules regarding their administration and their protection against later acquirers of interests in the land. The discussions cover legal mortgages and charges; equitable mortgages; the rights of the mortgagor; the rights of the mortgagee; mortgagee’s remedies; the right of certain third parties to redeem; the liability of mortgagees, receivers, and valuers for fraud or negligence; the end of a mortgage.

Chapter

Cover Textbook on Land Law

22. Mortgages and charges  

Course-focused and comprehensive, the Textbook on Land Law provides an accessible overview of one key area on the law curriculum. This chapter examines the types of mortgages or charges of land and interests in land which may be created. It also considers the rules regarding their administration and their protection against later acquirers of interests in the land. The discussions cover legal mortgages and charges; equitable mortgages; the rights of the mortgagor; the rights of the mortgagee; mortgagee’s remedies; the right of certain third parties to redeem; the liability of mortgagees, receivers, and valuers for fraud or negligence; the end of a mortgage.

Chapter

Cover Complete Land Law

22. The Creation of Mortgages  

Titles in the Complete series combine extracts from a wide range of primary materials with clear explanatory text to provide readers with a complete introductory resource. This chapter discusses mortgage creation. It covers the definition of a mortgage; form of a legal mortgage of a fee simple before 1926; equitable right to redeem; equity of redemption; mortgagor retaining possession; legal mortgages after 1925 where land is unregistered; legal mortgages of registered land; charge by way of legal mortgage; types of mortgages; mortgages of leases; equitable mortgage by deposit of deeds (unregistered land); equitable mortgage of registered title (deposit of land certificate); and legal and equitable mortgages after 1989.

Chapter

Cover Complete Land Law

23. The Remedies of Mortgagees  

Titles in the Complete series combine extracts from a wide range of primary materials with clear explanatory text to provide readers with a complete introductory resource. This chapter discusses the remedies of legal mortgagees. These include action on a mortgagor’s covenant to repay; a mortgagee taking possession; court proceedings for possession brought by a mortgagee; a mortgagee taking possession of a dwelling house; sale of the property where there is negative equity; the court’s discretion to adjourn possession proceedings; the mortgagee’s statutory power of sale (when the power of sale arises, when the statutory power becomes exercisable, mortgagee’s duties on selling the property, the effect of sale); power to appoint a receiver; foreclosure; and remedies of an equitable mortgagee or chargee.

Chapter

Cover Land Law Directions

14. Mortgages  

This chapter discusses mortgages, specifically mortgage creation, legal mortgages, equitable mortgages, and priority of mortgages. A mortgage is a debt secured on land. A legal mortgage in registered land can now be created only by means of a legal charge under the Land Registration Act 2002, s. 23(1)(a). The mortgagor has a bundle of rights known as the ‘equity of redemption’. If the mortgagee attempts to gain any unconscionable advantage by means of the mortgage, the courts will strike it down. The mortgagee has five potential remedies to recover the debt: an action on the mortgagor’s personal covenant; repossession; sale; appointment of a receiver; and foreclosure. The doctrine of undue influence is important in the law of mortgages. Provided the mortgagee bank follows the steps outlined by the House of Lords in Royal Bank of Scotland v. Etridge (No. 2), it will be protected against a claim for undue influence.

Chapter

Cover Land Law

13. Mortgages  

This chapter examines mortgages—a form of proprietary security for the advancement of a loan. A bank or lender advances a loan and in return they are granted a mortgage: an interest in the borrower’s land. Mortgages are distinct from other loans because they are ‘secured’ on the property itself meaning that if the borrower fails to make repayments, the bank can take steps to recover its money including seeking possession of the property and selling it. This chapter explores the nature and creation of mortgages, the rights and powers enjoyed by mortgagors, the rights of mortgagees, the effect of undue influence on mortgages, and the priority of mortgages.

Chapter

Cover Textbook on Land Law

23. Priorities in relation to mortgages and charges  

Course-focused and comprehensive, the Textbook on Land Law provides an accessible overview of one key area on the law curriculum. This chapter explains the rules relating to priorities between successive mortgages and charges and between mortgages and charges and other estates and interests in land. It covers the priorities of mortgages of an equitable interest; the priorities of mortgages of a legal estate; the priorities of three or more mortgages; mortgagee’s right to tack further advances; and interests prior to the mortgage.

Chapter

Cover Textbook on Land Law

23. Priorities in relation to mortgages and charges  

Course-focused and comprehensive, the Textbook on Land Law provides an accessible overview of one key area on the law curriculum. This chapter explains the rules relating to priorities between successive mortgages and charges and between mortgages and charges and other estates and interests in land. It covers the priorities of mortgages of an equitable interest; the priorities of mortgages of a legal estate; the priorities of three or more mortgages; mortgagee’s right to tack further advances; and interests prior to the mortgage.

Chapter

Cover Essential Cases: Contract Law

Royal Bank of Scotland v Etridge (No.2) [2001] UKHL 44  

Essential Cases: Contract Law provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Royal Bank of Scotland v Etridge (No. 2) [2001] UKHL 44. The document also includes supporting commentary from author Nicola Jackson.

Chapter

Cover Essential Cases: Land Law

Cheltenham & Gloucester plc v Krausz [1997] 1 WLR 1558, Court of Appeal  

Essential Cases: Land Law provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Cheltenham & Gloucester plc v Krausz [1997] 1 WLR 1558, Court of Appeal. The document also includes supporting commentary from author Aruna Nair.

Chapter

Cover Essential Cases: Land Law

Cuckmere Brick Co. Ltd v Mutual Finance Ltd [1971] Ch 949, Court of Appeal  

Essential Cases: Land Law provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Cuckmere Brick Co. Ltd v Mutual Finance Ltd [1971] Ch 949, Court of Appeal. The document also includes supporting commentary from author Aruna Nair.

Chapter

Cover Essential Cases: Land Law

Horsham Properties Group Ltd v Clark [2008] EWHC 2327, High Court (Chancery Division)  

Essential Cases: Land Law provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Horsham Properties Group Ltd v Clark [2008] EWHC 2327, High Court (Chancery Division). The document also includes supporting commentary from author Aruna Nair.

Chapter

Cover Essential Cases: Contract Law 5e

Royal Bank of Scotland v Etridge (No.2) [2001] UKHL 44  

Essential Cases: Contract Law provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Royal Bank of Scotland v Etridge (No. 2) [2001] UKHL 44. The document also includes supporting commentary from author Nicola Jackson.

Chapter

Cover Essential Cases: Land Law

Cheltenham & Gloucester plc v Krausz [1997] 1 WLR 1558, Court of Appeal  

Essential Cases: Land Law provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Cheltenham & Gloucester plc v Krausz [1997] 1 WLR 1558, Court of Appeal. The document also includes supporting commentary from author Aruna Nair.

Chapter

Cover Essential Cases: Land Law

Cuckmere Brick Co. Ltd v Mutual Finance Ltd [1971] Ch 949, Court of Appeal  

Essential Cases: Land Law provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Cuckmere Brick Co. Ltd v Mutual Finance Ltd [1971] Ch 949, Court of Appeal. The document also includes supporting commentary from author Aruna Nair.