best buy to let mortgages

best buy to let mortgages
It is very important to understand the differences between statutory mortgage and equitable mortgage when considering the adverse credit mortgage advice. From the standpoint of transfer of ownership of the mortgaged property, mortgages are divided into two categories: legal mortgage and equitable mortgage .

In the case of legal mortgage, the mortgagor transfers legal ownership of the mortgaged property in favor of the mortgagee by a deed. In legal mortgage transfer of ownership on the cost of mortgages in the form of stamp duties and registration fees. On the other hand, in the case of an equitable mortgage, the mortgagor transfers the documents of ownership of the mortgagee for the purpose of creating an equitable interest of the mortgagee in the property.

This means that the ownership of the property is not on the mortgagee, but the mortgage debt obligation by an agreement of the deposit, to execute a legal mortgage, if he does not pay the mortgage money. The mortgagee is thus empowered to address the court, to the equitable mortgage into a legal mortgage if the mortgage borrowers not to pay the mortgage money on the specified date.

It is worth mentioning that a mortgage by deposit of title deeds requires three ingredients: the existence of a claim in the present or the future, the deposit of title deeds, and the intention that the title deed should be the security for the debt. The intention is in fact the core of the business. An agreement for the sale by itself does not create an interest in the property. Therefore, such an agreement does not apply as a document of title to property. For an equitable mortgage, the deeds deposited must relate to the property or as material evidence of title and has been deposited with the intention of creating a security.

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