Section 101

houman1979

Hi,

I applied for a remortgage and received the mortgage condition. There were two parts: section 103 and 101 of the Law of Property Act 1925.

Section 103 seems clear and states that they can sell the property if do not pay the mortgage. However, section 101 is not clear and it is about extending some rights under the same rule such as selling the property under specific condition. I do not have a coveyancer and I just want to know what does this section mean and when it will be applied?

Thanks in advance.

ACG

A remortgage or product switch?
If a new lender is involved you will have a conveyancer, it might be the free ones that come with the remortgage but there will be a conveyancer involved somewhere.

houman1979

it is a remortgage and there is a conveyancer but they told me they act for bank and they wont reply to my questions. so I need to pay for an independent advice. I just want to make sure it is something general and does not cause any problems.

davidmcn

Does your current mortgage have the same condition? If so then you're no worse off than currently. Generally these conditions are much of a muchness across all the main lenders.

houman1979

I did try but was not able to find the current mortgage's conditions

So, anybody heard of this section 101?

Thrugelmir

If it's part of the 1925 Act. Will have formed part of every lenders mortgage t&c's for a very long time...........

houman1979

Yes it is part of that and it seems general but the wording is very vague. It gives some powers to the lender from the date of mortgage charge but I assume they are enforceable only in specific circumstances when the lender entitles to sell the property.