ABSTRACT
Checklist 4 In order to deal with mortgage issues, three reasonably distinct areas have to be addressed. First, how are mortgages created, both legal and equitable, and are there any specific reasons for choosing a particular method? Second, what are the rights of a mortgagor (the borrower) under a mortgage and in particular what is the nature and extent of the ‘equity of redemption’? Third, what are the rights of the mortgagee (the lender) under a mortgage and what remedies may be suitably employed in the event of a defaulting mortgagor? These questions largely depend on the application of traditional equitable principles, as supplemented by statute where appropriate. A good knowledge of case law is invaluable.
