Buying Commercial Property · glossary
A mortgage of land that lets the lender sell if the loan is not repaid. The register records the charge, not the debt. Northfold's charge, for Holmfield's loan, was paid off at completion, and Wharfedale's charge now stands on the register instead. Definition: Seller's Mortgage · Chapter 3 · Chapter 8 · see DS1
Explained in Chapter 3, Reading the Title, of Buying Commercial Property.
Entry 3 is Northfold's legal charge, its mortgage over the land. It secures the loan Holmfield still owes the bank, but the register shows only the charge, not the debt. Holmfield must pay it off at completion out of the money Fellgate pays (clause 11.1). The charge is not an Incumbrance, and the land is not sold subject to it (Annex 2).Read Chapter 3, Reading the Title →
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the legal charge dated 21 October 2011 in favour of Northfold Bank plc (“Northfold”), registered as entry 3 of the charges register of title number WYK712408;Read the definition in the document →
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