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Land, Stocks And Shares In The Uk

1993 words - 8 pages

Land, Stocks and Shares in the UK

The UK is well known within the EU of having a high percentage of
homeowners. With this, financial institutions have to cater for a
widespread of people in order to provide mortgages. As this will
involve large amounts of money, lenders have to access the risk and
take the necessary precautions. These precautions tend to be taken in
the form of a security. The two main forms of security that are
generally taken are land, stocks and shares. Land being the most
common within the UK.

Firstly, we have to define what a mortgage is. A mortgage is simply a
transaction whereby property, either land or personal property is
given as a security for the repayment for the money borrowed. Normally
the security used is real property, but it can also be personal
property, such as a valuable piece of jewellery. This effectively
gives the mortgagee the rights to the property, which can be claimed
if the mortgagor defaults in repayment. The lender can force the sale
of the property and recover the sum borrowed from the proceeds.

With the creation of a legal mortgage before 1925 the mortgage of
freehold land was created by conveying the fee simple estate to the
lender. The mortgagee then became owner of the mortgaged property.
Whereas, post 1925 there were two ways to create a mortgage, primarily
the demise for a term of years absolute; this involved creating a long
lease, usually for 3,000 years, over the land which would cease as
soon as the loan was repaid. The lender would not have the legal
estate conveyed to him and the borrower was expressly given the right
to remain in the property. The borrower had the right to take further
mortgages over the property which meant that there could be several
mortgages over one house. The borrower might find it increasing
difficult to persuade anyone to lend him money, on the basis that the
rights of a second mortgagee would be secondary to those of a first
mortgagee. Secondly, by way of a charge by deed expressed to be by way
of legal mortgage; this is governed by s87 of the 1925 Act. Under the
form of mortgage there is no conveyance of any estate in the property
to the lender. The lender merely gets a charge over the land giving
him rights which attach to the property. The charge gives the lender
rights over the property as if he had an interest in it. The lender
had the right to enforce covenants and he is able to create
tenancies. This became the main way of creating mortgages and the
demise was rarely used. The main advantage of using the legal charge
is that it is short and expressed in simple terms.

Finally, with the creation Post-Land Registration Act 2002, under
s2391) a: - of the Land Registration Act 2002 the only way a mortgage
of registered land can be created is by registered charge. The law on

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