Is a puisne mortgage a legal mortgage?
A legal mortgage of unregistered land that is not protected by the mortgagor depositing the title deeds to the land with the mortgagee.
What is foreclosure of mortgage?
Foreclosure is used to broadly describe what happens when a home owner stops making mortgage payments to their lender, forcing the sale of the asset, so the lender can recover its money. … However, the lender has the legal right to sell it.
What is a general equitable charge?
A general equitable charge – a general equitable charge is any equitable charge which is not secured by a deposit of documents relating to the legal estate and does not arise under a trust of land or settlement and is not a charge by way of indemnity and is not included as any other class of land charge.
What is meant by Puisne?
Puisne (/ˈpjuːni/; from Old French puisné, modern puîné, “later born, younger” (and thence, “inferior”) from late Latin post-, “after”, and natus, “born”) is a legal term of art obsolete in many jurisdictions and, when current, used mainly in British English meaning “inferior in rank”.
What is meant by Puisne Judge?
younger; inferior in rank; junior, as in appointment. noun. an associate judge as distinguished from a chief justice.
What is a conferment?
DEFINITIONS1. the act of giving something such as authority, a legal right, or an honour to someone. conferment of something: the conferment of an honorary degree.
Is foreclosure good or bad?
Hence, if you prepay your loan and foreclose it, it will result into saving a lot which you could have paid on the interest. End of any loan definitely gives a positive psychological impact on the borrower. It brings a sense of relief and foreclosing a higher interest loan is definitely a morale booster.
How does a foreclosure work?
Foreclosure occurs when a lender takes possession of a property after the mortgage holder fails to make repayments on a home loan. The sale of the property is to help the lender recoup the cost of the outstanding loan. … Your lender can’t simply take the property title and sell your home if you’ve missed one repayment.
What foreclosure means?
What is a foreclosure? … When a buyer fails to make the payments due on the loan (defaults on the loan) the lender can foreclose, which means that the lender can force a sale of the home to pay for the outstanding loan.
Can an equitable mortgage be registered?
This is because, since equitable mortgages are not registered as encumbrances on the property, the buyer of that property might not be aware of the mortgage. As a result, the seller can sell the mortgaged property to the buyer without repaying the loan.
What are the charges for equitable mortgage?
Difference Between Equitable & Registered Mortgage
|Cost Involved||Stamp Duty costs – 0.1% or 0.2% of home value|
|Affordability||It is less expensive than a registered mortgage|
|Bank’s Rights||If you fail to repay the loan, the bank takes over your property and auction it off.|
Does equitable mortgage have to be registered?
However, an equitable mortgage over land is not a registrable disposition and cannot be registered in its own right. It must instead be protected by registration of a notice. If it is not, a subsequent registered disposition made for valuable consideration will take priority over it.