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unregulated Commercial Mortgage

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  • unregulated Commercial Mortgage

    Does anyone know anything about this subject? Especially with regards unfair relationship-does the CCA 14A - 14C cover this in a dispute?
    Tags: None

  • #2
    The CCA 1974 only applies to 'regulated agreements', ie where the borrower is an individual (a consumer) and where a statutory exemption doesn't apply eg the 'business purposes' exemption which applies to credit agreements exceeding £25,000 entered into by borrowers for business purposes

    individual” includes—
    (a)a partnership consisting of two or three persons not all of whom are bodies corporate; and
    (b)an unincorporated body of persons which does not consist entirely of bodies corporate and is not a partnership;”.


    Your ref presumably is to section 140A-C CCA 1974

    Comment


    • #3
      Originally posted by des8 View Post
      The CCA 1974 only applies to 'regulated agreements', ie where the borrower is an individual (a consumer) and where a statutory exemption doesn't apply eg the 'business purposes' exemption which applies to credit agreements exceeding £25,000 entered into by borrowers for business purposes

      individual” includes—
      (a)a partnership consisting of two or three persons not all of whom are bodies corporate; and
      (b)an unincorporated body of persons which does not consist entirely of bodies corporate and is not a partnership;”.


      Your ref presumably is to section 140A-C CCA 1974
      Thank you

      Which law would apply to an unfair relationship with regards to an unregulated mortgage?

      Comment


      • #4
        This is a quote I have found-if anyone can explain if this applies to unregulated loans with regards unfair relationship.
        Attached Files

        Comment


        • #5
          It is my understanding that an unregulated loan taken out after 6th April 2007 (which is when aspects of CCA 2006 came into force) can be challenged on unfair relationship/unfair terms and conditions.

          Comment


          • #6
            When was this loan taken out & what security/s were taken out as a result ?

            Comment


            • #7
              Thank you. It was taken out in 2005-a full commercial Mortgage with security on a commercial (not lived in) property.

              Comment


              • #8
                Originally posted by des8 View Post
                It is my understanding that an unregulated loan taken out after 6th April 2007 (which is when aspects of CCA 2006 came into force) can be challenged on unfair relationship/unfair terms and conditions.
                Thank you-This mortgage was taken out in 2005.

                Comment

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