Land Law Coursework Essay Example | Topics and Well Written Essays - 2500 words

Land Law Coursework - Essay Exampleees action.3 S 36 (2) of the said symbolize states that a court may adjourn the proceedings, or debar execution of judgement, postpone delivery of self-possession for a period it thinks fit, if the mortgager approaches it as a go of mortgage holders proceeding to take possession of the mortgaged property. The court can do so if it is convinced that the mortgagor will pay the sum due within a reasonable time.4The reality is, or literally speaking, a mortgage holder has the honorable take possession of the mortgaged property even the next daytime of mortgage unless the agreement stipulates otherwise as held in Four Maids Ltd v Dudley Marshall (Properties) Ltd. 5. The decision states that mortgagee enjoys an absolute right to repossess a mortgaged property as conferred s.95 (4) of the Law of Property Act 1925,6 unless the mortgagee has contracted himself out of repossession. This decision was applied in Owen v Cornell 1967 7where in a apparent motion arose whether the principal mortgagee could take possession when he had already assigned the debt to Sub-mortgagee. The court held that because the principal mortgagee had reserved to himself the right of reversion by one day, he could exercise his right under s 95(4) of Law of Property Act 1925. Position would have been different if he had not reserved the right under the sub-mortgage agreement and the sub-mortgagee would have prevailed.Thus, in Credit & Mercantile Plc v Marks8, sub-mortgagee was held to have the right of possession as it was involved a registered land wherein the principal mortgagee had relinquished his right of repossession on subsidization of debt to the sub-mortgagee. The court observed that since the principal mortgagee had transferred his right to collect his debt, he had no right to grumble of default.Thus, the mortgagor need not have defaulted in mortgage repayments as commented by Clarke LJ (at 253) of Ropaigealach decision for the mortgagee to t ake to take possession of the property the mortgagor lives in