Legal mortgages over registered land can only be created by what is known as a Registered Charge.
These Registered Charge are created by way of a Deed (eg. a Transfer).
Transfer of ownership of the property as a form of security is not necessary (from the Purchaser to the Bank). The charge that the Bank take out as security for the mortgage is registered as a burden on the mortgagor’s folio.
If the loan is not repaid, the charge holder can enforce their security by way of issuing legal proceedings.
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