Land Law Assignment Example | Topics and Well Written Essays - 3000 words

Land Law - Assignment pillow slipIn order to acquire Valiant Villa, Ben and Ali agreed to approach Cantander bank to negotiate for a owe worth ? 125,000. Notably, Ben and Ali are freehold owners of the blank space. As such, this form of mortgage is an equitable mortgage since it is created after the legal owners of the blank space negotiated an instrument with Cantander bank that demonstrates a binding intention to create a security in upgrade of the mortgagee as opposed to legal mortgage where the mortgagee remains the legal owner of the piazza. However, Ali who is a model scout and agent was later on entered into a contractual agreement with Cait Miss- a naughty profile model where Ali agreed to fund her travel commitments, provide her with personal assistants and manage her portfolio work. The entire hail for this work was worth ? 110,000. Ali unduly influenced Ben to signed mortgage forms that lead to release of some security in Valiant Villa to cover the costs. I sleep t ogetherly, not all mortgages are utilized to buy space. As in this case, it is unmixed that Ali who also worked as a model scout and agent committed himself to fund Cait. ... held that the mortgagee has unmodified right to repossession in the event that the mortgagor defaults in mortgage repayment.2 Cantander bank has the right to repossesses the villa and either uses it to take income or sell it to recover unpaid mortgage amounts. The mortgagee has the right to decide when to sell the property since one a property is repossessed the bank will not be holding it in fiducial capacity. In China and South Sea Bank Ltd v Tan Soon Gin (1989), the mash held that the mortgagee was not obliged to sell the property at any particular time and was as such entitled to act in its own interest.3 Surprisingly, Ben was not fully aware of the whole deal as he thought the second mortgage was a form of mortgage repackaging. Unluckily, Cait Miss was sweep in a drug scandal which dented her image m aking it difficult to continue working in the model industry. Indeed Alis reputation as her agent was also shattered and could no longer earn revenues to cover mortgage repayments. Cantander bank is now seeking repossession of Valiant Villa which has indeed caught Ben unaware. Ben should actualise that mortgage as a contact is primarily based on contract law in regard to formation, terms and termination. As such, a mortgage differs from an ordinary loan since the mortgagee has equal rights to the property as the mortgagor. A mortgage has a proprietary interest since a mortgagee has rights over the property and can therefore take possession of that property in the event of non compliance to the repayment chronicle agreed. Ben should be aware that Cantander bank has right to repossess Valiant Villa as governed by section 85 of the Law of Property Act (LPA) 1925 and in common law and rights of sale under statute.4 In addition, it is make up that Ben signed