Sunday, 17 July 2016

DISTINCTION BETWEEN LEGAL MORTGAGE CREATED BY ASSIGNMENT/SUB-DEMISE AND ONE CREATED BY A CHARGE BY WAY OF LEGAL MORTGAGE


1)In an assignment/sub-demise, the mortgagor conveys the whole or part of his interest to the mortgagee, whereas the mortgagor by way of a legal charge does not convey any interest in the property. However, the mortgagee enjoys the same right as that of a legal mortgagee created by assignment/sub demise.

2)By a charge the mortgagor can charge several properties. If the mortgages were by assignment/sub-demise, each of the properties would have to be conveyed by a separate instrument.
mortgage distinction with Lagos Property Lawyer
Credit - chrpalberta.ca

3)When the head-lessor prohibits the assignment of the property, such property may still be charged without liability, unlike in assignment and sub-demise. 

To be continued with DOCUMENTS RQUIRED TO PROCESS GOVERNOR’S CONSENT TO LEGAL MORTGAGE OF LANDS

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1 comment:

  1. JM Crafts17 February 2020 at 08:50

    This is a great post about legal mortgage. Actually I'm planning to take a mortgage and I hired Mortgage Intelligence for this. Mortgage Intelligence is the best mortgage agent in Oshawa. They are helping me to take a loan legally. Mortgage agents Oshawa

    ReplyDelete

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