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5/16/2017 Types of Mortgage - Mortgage - Property Law

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Types of Mortgage
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Please enlighten me about English Mortgage and how it differs from other type of mortgage
Mortgage
also, if possible provide a draft of executing English Mortgage in India.
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7 years ago (On 15 September 2009)

Nirav Pankaj Shah


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11.DEFINITIONANDNATUREOFMORTGAGE
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AccordingtoSection58oftheTransferofPropertyAct,1882,amortgageisthetransferofaninterestin
specific immoveable property for the purpose of securing the payment of money advanced or to be
advancedbywayofloan,anexistingorfuturedebtortheperformanceofanagreementwhichmaygive
risetopecuniaryliability.

The transferor is called a mortgagor, the transferee a mortgagee the principal money and interest the
payment of which is secured for the time being are called the mortgage money and the instrument by
whichthetransferiseffectediscalledthemortgagedeed.

EssentialsofaMortgage

1.TransferofInterest:Thefirstthingtonoteisthatamortgageisatransferofinterestinthespecific
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immovableproperty.Themortgagorasanownerofthepropertypossessesalltheinterestsinit,
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andwhenhemortgagesthepropertytosecurealoan,heonlypartswithapartoftheinterestin
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thatpropertyinfavourofthemortgagee.Aftermortgage,theinterestofthemortgagorisreduced
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bytheinterestwhichhasbeentransferredtothemortgagee.Hisownershiphasbecomelessfor
thetimebeingbytheinterestwhichhehaspartedwithinfavourofthemortgagee.Ifthemortgagor
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transfersthisproperty,thetransfereegetsitsubjecttotherightofthemortgageetorecoverfromit
whatisduetohimi.e.,theprincipalplusinterest.
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Mortgage
2.SpecificImmovableProperty:Thesecondpointisthatthepropertymustbespecificallymentioned
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in the mortgage deed. Where, for instance, the mortgagor stated all of my property in the
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mortgage deed, it was held by the Court that this was not a mortgage. The reason why the
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immovablepropertymustbedistinctlyandspecificallymentionedinthemortgagedeedisthat,in
casethemortgagorfailstorepaytheloantheCourtisinapositiontograntadecreeforthesaleof
Mortgage
anyparticularpropertyonasuitbythemortgagee.
3.ToSecurethePaymentofaLoan:Anothercharacteristicofamortgageisthatthetransactionisfor
Mortgage
thepurposeofsecuringthepaymentofaloanortheperformanceofanobligationwhichmaygive
rise to pecuniary liability. It may be for the purpose of obtaining a loan, or if a loan has already
Property
been granted to secure the repayment of such loan. There is thus a debt and the relationship
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between the mortgagor and the mortgagee is that of debtor and creditor. When A borrows 100
bagsofpaddyfromBonamortgageandagreestoreturnanequalquantityofpaddyandafurther
quantitybywayofinterest,itisamortgagetransactionfortheperformanceofanobligation.

Where,however,apersonborrowsmoneyandagreeswiththecreditorthattillthedebtisrepaidhewill
notalienatehisproperty,thetransactiondoesnotamounttoamortgage.Herethepersonmerelysays
that he will not transfer his property till he has repaid the debt he does not transfer any interest in the
property to the creditor. In a sale, as distinguished from a mortgage, all the interests or rights or
ownership are transferred to the purchaser. In a mortgage, as stated earlier, only part of the interest is
transferredtothemortgagee,someofthemremainsvestedinthemortgagor.

Tosumup,itmaybestatedthattherearethreeoutstandingcharacteristicsofamortgage:

a.The mortgagees interest in the property mortgaged terminates upon the performance of the
obligationsecuredbythemortgage.
b.Themortgageehasarightofforeclosureuponthemortgagorsfailuretoperform.
c.The mortgagor has a right to redeem or regain the property on repayment of the debt or
performanceoftheobligation.

KindsofMortgages

Thereareinallsixkindsofmortgagesinimmovableproperty,namely:
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5/16/2017 Types of Mortgage - Mortgage - Property Law

a.Simplemortgage.
b.Mortgagebyconditionalsale.
c.Usufructuarymortgage.
d.Englishmortgage.
e.Mortgagebydepositoftitledeedsorequitablemortgage.
f.Anomalousmortgage.

DifferencebetweenMortgageandCharge

1.Amortgageiscreatedbytheactofthepartieswhereasachargemaybecreatedeitherthrough
theactofpartiesorbyoperationoflaw.
2.Achargecreatedbyoperationoflawdoesnotrequiretheregistrationasprescribedformortgage
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undertheTransferofPropertyAct.Butachargecreatedbyactofpartiesrequiresregistration.
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3.Amortgageisforafixedtermwhereasthechargemaybeinperpetuity.
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4.A simple mortgage carries personal liability unless excluded by express contract. But in case of
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charge,nopersonalliabilityiscreated.Butwhereachargeistheresultofacontract,theremaybe
apersonalremedy.
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5.Achargeonlygivesarighttoreceivepaymentoutofaparticularproperty,amortgageisatransfer
ofaninterestinspecificimmovableproperty.
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6.A mortgage is a transfer of an interest in a specific immovable property, but there is no such
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transferofinterestinthecaseofacharge.Chargedoesnotoperateastransferofaninterestin
Property
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thepropertyandatransfereeofthepropertygetsthepropertyfreefromthechargeprovidedhe
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purchasesitforvaluewithoutnoticeofthecharge.
7.A mortgage is good against subsequent transferees, but a charge is good against subsequent
Mortgage
transfereeswithnotice.

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7 years ago (On 18 September 2009)

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5/16/2017 Types of Mortgage - Mortgage - Property Law

S.P.SURYAVANSHI
G.M.

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WHAT IS DIFFERENCE BETWEEN SIMPLE REGISTERED MORTGAGE AND EQUITABLE


MORTGAGE? WHAT ADDITIONAL BENEFITS ACCRE TO THE MORTGAGEE IF IT IS
REGISTERRED?

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7 years ago (On 18 September 2009)

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WHETHER TENENCY RIGHTS IN THE PROPERTY CAN BE CHARGED TO SECURE DEBTS?


Mortgage
WHAT IS THE REMEDY AVAILABLE TO THE PERSON IN WHOSE FAVOUR SUCHA CHARGE
IS CREATED TO REALISE HIS MONEY/ DEBT?
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