This legal document grants rights of security over your property to the Lender. There are various types of legal charge which will vary from lender to lender. Some lenders will use a charge for the specific amount that they have lent. Others will use an all monies charge, which secures all borrowing the owner has with them. This may allow them to recover overdrafts and other loans. A primary mortgage will normally be secured by a first charge. Second or subsequent charges may be secured against a property if additional money has been borrowed using the property security.
A legal document conferring legal ownership of the mortgagor's (borrowers) estate to the lender, while allowing the mortgagor to remain in possession and to use the property with the right to redeem legal ownership, which is called equity of redemption.
The official term for the claim that a lender has over your home until you've paid off the mortgage. Details are registered with the Land Registry which, as mentioned are open for scrutiny by the public. So if you want to know whether your next-door neighbour still has a mortgage
This is a legal document which grants rights of security over your property with a lender. The type of legal charge used will vary from lender to lender. Some use a charge for the specific amount they have lent you, whilst others use an â€˜all moniesâ€(tm) charge to cover all borrowing you have with them, such as overdrafts and personal loans.
The means by which lenders enforce their rights to a property, and is recorded at the land registry. There are various different types of legal charge and the type used will vary from lender to lender. Building societies tend to use a charge for the specific amount that they have lent. Banks tend to use an all monies charge, allowing them to free equity in a property if it is owned by them. This may allow them to recover overdrafts and other loans if they have granted more than just a mortgage. A primary mortgage will normally be secured by a first charge. Building societies are allowed to lend only if they have a first charge on a property. Second or subsequent charges may be granted on a property if additional money has been borrowed against it, such as a secured loan.
The legal document held by the Land Registry that identifies who has a claim on your property. The main lender will normally be identified as the first charge (i.e., have first claim to the property) but there may also be other charges registered (i.e., second, third, etc.).