Examination Timing: 00H00M42S
You act for Oliver and Emily, who are the legal owners of an unregistered leasehold property which they are mortgaging to SecureBank. The lease has 823 years left to run when the mortgage completes in 2011.
Which of the following statements best describes the legal position?
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Your selected option: E
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You should register the title to the property and the charge at HM Land Registry and should not register the charge at the Land Charges Registry. The grant of a first legal mortgage is a trigger for first registration of the estate under Section 4 of the Land Registration Act 2002. Therefore, when Oliver and Emily complete the mortgage with SecureBank, both the title to the leasehold property and the mortgage charge must be registered at HM Land Registry. There is no need to register the charge at the Land Charges Registry because once the title is registered, the registration of the charge will be dealt with through the Land Registry.
Key Point: Under the Land Registration Act 2002, a first legal mortgage on unregistered land triggers the requirement for first registration. This ensures that both the property and any charges against it are properly documented and protected.
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