Mortgages

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Mortgages and land

Mortgages are the form of security most commonly encountered in practice by property practitioners. Our content on mortgages includes the following Practice Notes:

  1. •

    Mortgages and land—an introduction to mortgages and legal charges over land

  2. •

    Mortgages and land—entering into new mortgages and legal charges of land

  3. •

    Mortgages and land—dealings with land subject to a mortgage or legal charge

  4. •

    Mortgages and land—enforcement of mortgages and legal charges over land

For our content on other types of security, such as charges, pledges and liens, see Practice Note: Types of security.

Legal and equitable mortgages

A mortgage is a transfer of an interest in property by way of security for a debt. It is subject to an express or implied provision which requires the lender to transfer the property back to the borrower when the borrower’s obligations have been discharged.

A legal mortgage over land must be created in accordance with the Law of Property Act 1925 (LPA 1925) which means, in practice, that it must be created by way of a charge by way of legal mortgage. This is the effect of LPA

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Latest Property News

Property weekly highlights—21 November 2024

This week's edition of Property weekly highlights includes: a Law Commission consultation on the right to renew business tenancies under Part 2 of the Landlord and Tenant Act 1954, cases on the failure of a claim for implication of a tenant obligation to comply with legal obligations, specific performance, overriding easement costs, stamp duty land tax group relief and business rates and the latest HM Land Registry updates.

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Law Commission launches consultation on right to renew business tenancies

The Law Commission has launched a consultation to examine how the right to renew business tenancies under Part 2 of the Landlord and Tenant Act 1954 (LTA 1954) functions and whether it meets the needs of business tenants and landlords. The consultation seeks to assess the efficacy of the current ‘contracting out’ model and explore alternative models, including mandatory security, the abolition of security of tenure, and a ‘contracting-in’ approach. It also examines which types of business tenancies should benefit from security of tenure. The consultation closes on 19 February 2025, with a second consultation paper expected to follow based on the responses received.

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Fixtures and fittingsWhen transferring an interest in land (whether freehold or leasehold), unless the contract provides otherwise:•any fixtures form part of the land and are transferred with it, and •any fittings (also known as chattels) do not form part of the land and will not be