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8 Cards in this Set
- Front
- Back
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Four Maids v Dudley Marshall
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Held: Unless the mortgage stipulates otherwise, the right to take possession arises as soon as mortgage deed is executed 'before the ink...becomes dry'
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Palk v Mortgaged Services Funding
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Facts: Interest under a mortgage continued to mount after possession.
Held: Where a sale is preferable in the mortgagor's interests, a sale would be ordered instead. |
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Ropaigelach v Barclay's Bank
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Facts: Property vacant as it was undergoing repair and refurb.
Held: A prior court order not necessary and a lender could obtain possession themselves. |
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Payne v Cardiff RDC
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Held: Power of sale arises as soon as one instalment of capital is due.
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Horsham v Clark
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Held: Mortgagee's exercise of statutory power arising under s101 LPA 1925 not incompatible with Art.1 ECHR (Right to peaceful enjoyment of possessions).
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Cuckmere Brick v Mutual Finance
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Facts: Lender failed to mention one of two planning permissions granted to property.
Held: Lender under duty to obtain 'true market value' or the 'proper price'. Lender can sell when he likes. |
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Tse Kwong Lam v Wong Chit Sen
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Facts: Auctioned property
Held: Lender cannot simply put property under the hammer. Needs to take expert advice on how to market the property and how the reserve is to be set. Onus of showing this on lender. |
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Silven Properties v RBS
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Held: Lender entitled to sell property as it stands and has no obligation to increase its value. Lender has 'unfettered discretion' in deciding when to sell.
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