Podcast Location:
Download it here [file size: 27 MB]
Categories:
Residential Property
CPD Points:
Up to 1 point. details »

Due to the difference in guidelines between the SRA and the Bar Standards Board, CPD points are awarded differently for Solicitors, Barristers and Legal Executives:

Regulated by the Solicitors Regulation Authority:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Regulated by the Bar Standards Board:
Listen and pass the quiz: Gain 1 accredited CPD point (60 minutes)

Regulated by ILEX:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Cost:
  • FREE
Length:
30 minutes of audio
(+ optional 5 minute online quiz)
Plays on Computer:
Yes Downloadable as MP3:    Yes
Contributor(s):
Course Aims:

This podcast is aimed at those who practise in property law or have an interest in the rights of mortgagees. It will discuss the recent case of Redstone v Welch which appears to provide greater scope for lenders to lose priority against occupiers under sale and leaseback agreements using the overriding interest provisions of the LRA 2002. The podcast aims to explore the potential limits of the case and what steps mortgagees should take to protect their position before advancing money against property secured by mortgage.

Outcomes:
After completing the course you will:
  • Understand what the regime governing the priority of overriding interests by way of actual occupation within the 2002 Act;
  • Understand what a sale and leaseback arrangement is;
  • Be aware of the potential risks to mortgagees in a sale and leaseback arrangement;
  • Understand the facts of Redstone Mortgages plc v Welch (2009) and why the case is important;
  • Understand the courts’ approach to the question of priorities when a property transaction and mortgage are executed simultaneously or as part of the same transaction;
  • Be aware of the possible consequences in their being a ‘gap’ or scintilla temporis between registration of the title and registration of the charge;
  • Be aware of the potential points of conflict between the Welch case and the House of Lords authority of Abbey National v Cann (1991);
  • Understand what steps a mortgagee should take to protect their position on a remortgage or the purchase of property.
Level:
Intermediate Difficulty: 3 of 5
Classification:
Case Update
Legal Principles
Practical Guide
Sources and References:
  • Law of Property (Miscellaneous Provisions) Act 1989 s2;
  • Law of Property Act 1925 s52;
  • Land Registration Act 2002 s 29(1), 116, Sch. 3 para. 2;
  • Abbey National Building Society v Cann [1991] 1 A.C. 56;
  • Whale v Viasystems Technograph Ltd [2002] EWCA Civ 480;
  • Universal Permanent Building Society v Cooke [1952] 1 Ch 95 ;
  • Redstone Mortgages plc v Welch [2009] 36 EG 98;
  • The North East Property Buyers Litigation [2010] EWHC 2991 (Ch);
  • Paddington Building Society v Mendelsohn (1985) 50 P. & C.R. 244;
  • Woolwich Building Society v Dickman (1996) 72 P. & C.R. 470.
Tags:

This podcast with barrister Frances Ratcliffe looks at the growing issues experienced by mortgagees due to the growth of sale and leaseback arrangements in domestic property. This podcast will look at the new regime for protecting property interests under the LRA 2002 and the prospect of a growing pool of danger for purchasers in losing priority against occupiers following the 2009 decision in Redstone Mortgages plc v Welch.

Podcast last reviewed: 2012-07-30

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