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š Understanding the Evolution of Mortgage Law: From Pre-1925 to Modern Practice
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The Law of Property Act 1925 revolutionised the mortgage system, shifting ownership from lenders to borrowers while ensuring lenders maintain security through legal charges against properties.
ā¢ Legal mortgages can be created through two methods: a demise for a term of years or a charge by deed
ā¢ For freehold land, mortgagors grant lenders a 3,000-year lease that terminates upon loan repayment
ā¢ Leasehold mortgages involve granting a sublease to the lender for the unexpired lease period minus 10 days
ā¢ Registration is crucial - failure to register a legal charge downgrades it to an equitable mortgage
ā¢ The mortgagor's primary right is redemption - freeing the property from mortgage upon loan repayment
ā¢ Courts prevent "clogs on equity of redemption" that unfairly restrict borrowers' ability to redeem
ā¢ Landmark cases like Fairclough v Swan Brewery and Knightsbridge Estate v Byrne balance borrower protection with freedom of contract
ā¢ Excessive interest rates may be struck down by courts, as in City Land and Property Holdings v DABRA
Continue exploring more aspects of land law in our upcoming lectures.
š”āļø Letās learn the law togetherāone session at a time!
Chapters
1. Post-1925 Mortgage System Change (00:00:00)
2. Creating Legal Mortgages (00:01:42)
3. Protecting Mortgages & Registration (00:04:58)
4. Mortgagor Rights & Redemption (00:08:27)
5. Equity of Redemption Cases (00:11:22)
6. Clogs and Fetters Preview (00:15:16)
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