Mortgagee's remedies -
1. Mortgagee has the right to sue mortgagor 4 sum owed personally ( might not be used if the mortgagor does not have money.
2. Possession - this comes as soon as the contract is signed, but mortgagee might not exercise this firstly in fear of breaching s.6 criminal law act 1977 (using violence 2 gain entry) instead might apply for a possession order 2 the court. If the property is a home s.8 AJA 1973 is applied giving the court discretion to postpone possession if the lender is likely to pay the arrears within a reasonable time(the duration of the mortgage) only applies when no possession has taken place. Must be able 2 meet future payments. Terms that state all sums will be due after default AJA = only has 2 pay sums that are due.Where mortgagor wants 2 sell it must be fanciful.
3. Sale - arises at the contractual date of redemption has passed, s101 (1) LPA 1925, power of sale arises= date of redemption has passed + 1 installment is in arrears, exercisable if notice is served requiring payment of the whole mortgage, 3 months arrears since notice was served & 2 months interest unpaid. Sale b4 power arises=invalid=transfer of interest. Sale b4 power is exercisable = good title passes/ mortgagee must pay 2 any1 who has suffered loss, but if purchased knows they not get good title sale could be set aside. Duty- obtain a fair+true market value but not obliged 2 incur cost 2 get better price. Appointing a receiver - duty=manage property with diligence.

	Created by divine_lyadiee almost 11 years ago

Note on Mortgages, created by divine_lyadiee on 05/05/2013.

Mortgages