Powers of a mortgagee

From Lawiki - The law notes repository
Jump to navigation Jump to search
Lawiki for and by law students - find us on Facebook if you want to help us edit this Law Wiki.

Not professional advice - LAWIKI cannot guarantee the validity of any information

A mortgage is a right over land granted to a lender in security for a loan. For this security to be of any value, it must give reasonably extensive powers to the Mortgagee (the lender). These powers are defined by s.101 Lpa (1925) and a number of other places. In outline, the mortgagee has a right

  1. to take possession of the property (this follows from the definition of the mortgage as a form of lease) (see mortgagees power of possession)
  1. to sell the property (see mortgagees power of sale)
  1. to appoint a receiver (see mortgagees power to appoint receiver)
  1. to foreclose (see Foreclosure).
    Land and Property Law