Personal Security - Real Estate
This Statement provides a guide to the types of security that individuals can give over real estate and the formalities required.
Mortgages/charges over real estate
People can give mortgages or charges over their real estate (ie interests in land and buildings). Whilst there is a historic difference and an academic debate, there is no real difference anymore between the terms 'mortgage' and 'charge' and the terms are used interchangeably in some Court judgments.
Legal mortgages/charges
A 'legal' charge or mortgage is one that is registered over the legal title to the property. It must be given by deed and registered against the title to the property. If the charge supports a loan for less than certain limits, there may be further Consumer Credit Act 1974 formalities.
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