‎ LEGAL RIGHT TO REDEEM

This is the right specifically reserved for the mortgagor to recover his property as the owner upon discharging his obligations under the mortgage. But the mortgagor to be entitled to exercise this right must comply punctiliously with the proviso for redemption. Thus a mortgage to secure money loan ordinarily fixes a definite date for repayment and at law, repayment must be made precisely on that date for the mortgagor to be entitled to exercise this very right. Generally the date for repayment may be suspended for any period. But in practice date for redemption is usually short because it is an advantage to the mortgagee to place the mortgagor in default as soon as possible.

Credit - advocateselvakumar.com 

However, In Twentieth Century Banking Corporation Ltd .v Wilkinson (1977) Ch 99, the danger of fixing a date too far in the future for the redemption of a mortgage was highlighted, as the mortgagee was refused the right to enforce his security until the legal due

date (which in that case was fixed at thirteen years) had arisen. It has therefore become acceptable at common law to fix a shorter date for redemption.

To be continued with EQUITABLE RIGHT TO REDEEM

 Thank you for reading, If you find the post helpful, I’d love to hear your thoughts in the COMMENT box. Also, don't forget to LIKE and SHARE with your social media friends, family, colleagues, social members, neighbours and everyone in your world, who you think might find this information useful..Lastly SUBSCRIBE to our website via Email to get the latest updates directly in your mail box for FREE. Your email address is safe with us! SUBSCRIBE BELOW !!! ‎Send your Adverts/Listing/Press Release/Articles to emmanadebayo@gmail.com ‎ ‎

REVIEWS and CAVEAT : We hope you have found this information helpful. Please note that this information is provided for general informational purposes only and is not intended to be legal advice. No lawyer-client relationship is formed nor should any such relationship be implied. Any post, article, or comment or opinion expressed is not intended to substitute for the advice of a qualified lawyer, but that of the individual who made the contribution. If you require legal advice, please consult with a qualified lawyer. If you need assistance in contacting a lawyer, you may contact us via email emmanadebayo@gmail.com and we would be glad to match you with a lawyer who meets your requirements.  Send in all your property briefs: Request | Letting | Sale | Lease | Warehouse | Land We deliver at a swift pace! ‎ ‎ ‎