Land Law Assignment Example | Topics and Well Written Essays - 3000 words - 1

Land truth - Assignment ExampleThe entire cost for this work was worth 110,000. Ali unduly influenced Ben to signed mortgage forms that consider to release of some security in undismayed Villa to cover the costs.Ideally, not all mortgages are employ to buy property. As in this case, it is apparent that Ali who besides worked as a model scout and instrument committed himself to fund Cait. However, since Ali had no sufficient money, he decided to use his decently to the villa to take a mortgage with Cantander bank. According to the common law, Cantander bank has the right to repossess Valliant Villa in the event that any obligation within which joint owners are liable is not honored. In National Westminster Bank v Skelton, the chat up held that the mortgagee has unqualified right to repossession in the event that the mortgagor defaults in mortgage repayment.2 Cantander bank has the right to repossesses the villa and either uses it to generate income or sell it to recover un paid mortgage amounts. Surprisingly, Ben was not fully awake of the whole deal as he thought the second mortgage was a form of mortgage repackaging. Unluckily, Cait Miss was embroiled in a drug scandal which dented her image making it effortful to continue working in the model industry. Indeed Alis reputation as her agent was also shattered and could no longer earn revenues to cover mortgage repayments. Cantander bank is now seeking repossession of Valiant Villa which has indeed caught Ben unaware.Ben should understand that mortgage as a contact is primarily based on rivet law in regard to formation, terms and termination. As such, a mortgage differs from an ordinary loan since the mortgagee has equal rights to the property as the mortgagor. A mortgage has a proprietary interest since a mortgagee has rights over the property and can therefore take possession of that property in the event of non