All monies on clause mortgages

[enaid]

Re: All monies on clause mortgages

Very pleased for you and yours Jester, I hope you get a job real soon too and put the icing on the cake. Enaid xx

[Amethyst]

Re: All monies on clause mortgages

bump for reference

also
With an "all monies" mortgage, or clause, borrowers cannot rely upon s36 AJA where a charge securing a bank overdraft provides that the sum owed shall only become payable on demand, since, in those circumstances, there is no agreement to defer payment (see Administration of Justice Act 1973 s.8 and Habib Bank Ltd v Taylor [1982])

However, many mortgages, although expressed in an “all monies” form, are also qualified by an offer letter or other side letter or agreement providing for repayment of the advance by instalments. In Governor and Company of the Bank of Scotland v Grimes [1985], it was held that in such cases the mortgage may be treated as an instalment mortgage for the purposes of the Administration of Justice Act 1970, s.36 and the Administration of Justice Act 1973, s.8. In these cases the affidavit in support should exhibit the relevant letter or side agreement and, in setting out the state of account between the mortgagor and the mortgagee, should show (inter alia) the current instalment payment (at the date of the affidavit) and the amount of instalments in arrear (at the date of issuing the originating summons and at date of the affidavit)as though there were no provision for earlier payment in the event of default.

Furthermore, for a property that is a dwelling house the court may only order the instalments that are in arrears to be paid Bank of Scotland v Grimes[1985]

This means that s.36 AJA 1970 can and does apply to certain "all monies" mortgages.


National Westminster Bank plc v Patel [2004]

In this case HHJ MacDuff QC sitting as a Judge of the High Court held on the particular facts that an all-monies charge taken out in 1988 had in fact been taken as security for an initial loan of 65,000 which had since been repaid and which should therefore have been released. He accordingly ordered delivery up and cancellation of the charge notwithstanding that the borrowers had run up and defaulted on subsequent borrowings which, ordinarily, would have been secured by the charge.

[EMANEVS]

Re: All monies on clause mortgages

National Westminster Bank plc v Patel 2004

- CAN ANYONE FIND THIS CASE FOR ME TO READ??

[prism123]

A First-time buyer is someone who has never owned a residential home of their own, however this excludes ownership of Commercial properties. One of the first boxes that needs to be ticked by a first-time buyer is the amount of deposit they are going to put down, as this will establish the amount of borrowing required from a Mortgage Brokers for First Time Buyers.

The loan to value popularly known as LTV varies from lender-to-lender and hinges on the amount of deposit the borrower is willing to put down. The higher the deposit, the more options there are available, in terms of interest rates.

[MIKE770]

A First-time buyer is someone who has never owned a residential home of their own, however this excludes ownership of Commercial properties. One of the first boxes that needs to be ticked by a first-time buyer is the amount of deposit they are going to put down, as this will establish the amount of borrowing required from a Mortgage Brokers for First Time Buyers.

The loan to value popularly known as LTV varies from lender-to-lender and hinges on the amount of deposit the borrower is willing to put down. The higher the deposit, the more options there are available, in terms of interest rates.

back to the past, 2014 last post on here ==start your own thread please.