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Consolidation of Mortgages in United Kingdom

Definition of Consolidation of Mortgages

In accordance with the work A Dictionary of Law, this is a description of Consolidation of Mortgages : The right of a mortgagee who has taken mortgages on two or more properties from the same mortagor to require the mortgagor to redeem all of the mortgages or none, provided that the contractual date of redemption (See power of sale) for all of them has passed. The right arose because it was considered unfair to a mortgagee to have one security redeemed when another, given by the same mortgagor, might be inadequate to secure that loan. Since 1881 at least one of the mortgage deeds must show an intent to allow consolidation for the mortgagee to exercise the right.

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(2015, 04). Consolidation of Mortgages lawi.org.uk Retrieved 07, 2021, from https://lawi.org.uk/consolidation-of-mortgages/

04 2015. 07 2021 <https://lawi.org.uk/consolidation-of-mortgages/>

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"Consolidation of Mortgages" lawi.org.uk. 04, 2015. Accesed 07 2021. https://lawi.org.uk/consolidation-of-mortgages/

Agostino Von Hassell, 'Consolidation of Mortgages' (lawi.org.uk 2015) <https://lawi.org.uk/consolidation-of-mortgages/> accesed 2021 July 28

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  • Article Name: Consolidation of Mortgages
  • Author: Agostino Von Hassell
  • Description: Definition of Consolidation of Mortgages In accordance with the work A Dictionary of Law, this is a description of [...]

This entry was last updated: April 6, 2015

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