Chapter 14 Key facts checklists

Mortgages

A mortgage is a proprietary interest that can be legal or equitable in status.
The equity of redemption encapsulates the rights of a mortgagor and includes the equitable right to redeem and the ability to have certain clauses struck out from a mortgage agreement.
The mortgagor of a dwelling house has special legislative protection.
Where a mortgage is obtained under undue influence, be it actual or presumed, it may be set aside.
The mortgagee has various remedies available to it should the mortgagor fail to meet the mortgage payments, dependent upon the status of the mortgage.
A property may be subject to more than one mortgage and where this is the case and the property is sold, proceeds from the sale will be applied in order of priority.