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CF > CH2 > Flashcards

CH2 Flashcards

1
Q

Who is mortgagor/mortgagee?

A
  • mortgagor = borrower
  • mortgagee = lender
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2
Q

Who is debtor/creditor in scotland?

A
  • debtor = borrower
  • creditor = lender
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3
Q

What is the mortgage deed known as in Eng/Wales/NI and Scot?

A
  • Eng/Wales/NI = legal charge
  • Scotland = standard security
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4
Q

What do the mortgage conditions/deed contain?

A
  • borrowers covenants
  • rights of lender
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5
Q

Mortgage contract must be?

A
  • in writing
  • signed and dated
  • witnessed
  • sealed
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6
Q

What are the two conveyances that take place when buying a property?

A

1) Legal ownership of land from seller to new owner
2) created rights over land by the owner in favour of lender

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7
Q

What is point of no return?

A
  • Eng/Wales/NI = exchange of contracts
  • Sotland = conclusion of missives (fixed offer/closed bid accepted)
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8
Q

What is the date the mortgage comes into effect known as?

A
  • Eng/Wales/NI = completion date
  • Scotland = settlement date
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9
Q

What are the three ways a mortgage can be discharged?

A

1) Agreement
2) Performance (pays back all monies)
3) Breach

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10
Q

What is all monies clause?

A
  • Enables lender to rely on security for the loan or any other securities held for any other borrowings by customer
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11
Q

What is equity of redemption?

A
  • Right to redeem a loan at any time
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12
Q

What is difference between support/unsupported guarantors?

A
  • Supported = individual offering security (surety)
  • Unsupported = relies on promise to pay
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13
Q

What are the conditions for leaseholder to buy freehold interest?

A
  • Original lease > 21 years
  • Must be resident two years or more
  • At least one half of qualifying tenants must agree
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14
Q

What do commonhold owners own?

A

Building, common areas and unit-owners own each individual flat

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15
Q

Conditions for commonhold/setting up company to manage building?

A
  • Building self-contained inc at least two flats
  • 2/3 flats are held by leaseholder with term > 21 years
  • No more than 25% of internal floor area is for non residential use
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16
Q

What is an easement?

A
  • Rights in favour of one piece of land over another eg right of way/right to park
17
Q

What is a positive covenant?

A
  • conditions attached to title requiring owner to carry out certain actions
18
Q

What is a restrictive covenant?

A
  • conditions attached to title preventing owner from doing certain things
19
Q

How to avoid danger of overriding interest?

A
  • Requiring any person > 17 who will not be party to mortgage, to sign a consent to mortgage form
20
Q

What is absolute tenure in Scotland?

A
  • similar to freehold
21
Q

What are rights/obligations of title known as in Scotland?

A
  • real burdens
22
Q

What is sequestration?

A
  • scottish term for bankruptcy
23
Q

When can a person opt for self-sequestration?

A

If they owe more than £1500
If lender has served; charge for payment + 14 days notice elapsed or statutory demand and 21 days have elapsed or an earnings arrestment

24
Q

When is discharge granted for sequestration?

A

3 years

25
Q

Rights over unregistered land can be formally registered at where?

A

Eng/Wales = land charges registry
Scotland = general register of sasines
NI = registry of deeds

26
Q

What is law of agency?

A
  • acts of agent are treated as if they were acts of principal
27
Q

IF valid will, executor applies to court for what?

A
  • grant of probate
28
Q

What are laws of intestacy?

A
  • No issue = surviving spouse takes everything
  • Spouse + issue = spouse takes £270,000 plus chattels plus half of outstanding balance
  • no spouse/civil partner = issue, grandchildren, parents, brothers, sisters, grandparents, uncles and aunts
29
Q

In Scots law, what is heritable estate?

A
  • lands and buildings
30
Q

In Scots law, what is moveable estate?

A
  • all goods and moveable possessions
31
Q

How many days notice must a landlord give for payment of ground rents before instigating court proceedings?

A

30 days

32
Q

What type of ownership allows owner to enjoy rights over land on a perpetual basis?

A

Freehold and common hold

33
Q

If there is a guarantor on a loan, is the contract with the lender separate from the mortgage contract or the same?

A

Separate

CF (13 decks)

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