The difference between a registered or legal mortgage and an equitable mortgage
||Thursday, March 14, 2019 at 7:05 AM
What is Registered/Legal Mortgage?
Registered Mortgage charge is created on the property through a formal, written process as proof of transfer of interest to the lender as a security for the loan. In case of failure to repay the loan by the borrower, the lender/ bank will have the right to take action against the property. When the borrower repays the loan to lender/ bank, the property is given back to the borrower.
When original title deed is not available then registered mortgage is required.
What is the equitable mortgage?
An equitable mortgage is a mortgage loan in which the lender is secured by taking all the original title documents of the property. It is also known as an implied or constructive mortgage. It gives the rights to lenders to take action on the property, whether sell it or appoint a receiver in case of non-payment. No legal documents are required for an equitable mortgage. It is considered a mortgage in the interest of honesty (under equity).
For more details please consult with our best Mortgage Adviser London
||Monday, March 18, 2019 at 5:57 AM
Here mentioned about the difference between a registered or legal mortgage and an equitable mortgage it destination wedding in Gokarna is the property to create the formal written process and the proof. Its an interest to the lender the security of loans related issues etc.