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Property Law B - Complete notes - 310 pages
LLB2270 - Equity and Trusts
3 Found helpful • 310 Pages • Complete Study Notes • Year: Pre-2021 • Previously uploaded under: LLB270 - Property and Trusts B
Full set of notes. Used in the final exam. Extremely detailed. Old System Title ➢ Legal Mortgages - Mortgagor transferring or assigning their legal fee simple in the property to the mortgagee as a security for a loan, via a DEED s23B CA. - Contractual right to redeem – 12months – must repay total amount to lendor – land transferred back to vendor. - Additional period – granted by equity – 6month period. - Only 1 mortgage can be legal, all others are equitable. ➢ Equitable Mortgages - Need to be in writing identifying the key terms OR oral supported by acts of part performance ➢ Forms: 1. Mortgage of an equitable interest in the land – - If a legal mortgage of OS land has already been created (fee simple conveyed to mortgagee), any subsequent mortgage, even if it is in deed form can only be an equitable mortgage. - This is because all the mortgagor has left is an equity of redemption which itself is an equitable interest and they can mortgage that equity of redemption. - Note there is no limit the number of equitable mortgages that can be created like this, the mortgagor can mortgage equity of redemption over and over again but lenders are not usually interested as they take those mortgages subject to the interest of the earlier mortgagee.
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