Writing in land law
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Description
Experience Level: Entry
Hi NEED HELP IN WRITING IN LAND LAW SO ANY ONE EXPERT IN LAND LAW NEED HELP TO COMPLETE THIS ASSIGNMENT
ONE TOPIC IS AS BELOW in TWO PARTS
1.1 You are instructed by Manchester Bank Plc in connection with an overdraft facility of £1.2 million to be made available to a business run Mr Paul Jones. Repayment of the overdraft is to be secured by way of a first legal charge to be created over a house owned and occupied by Mr Jones and his wife, Ruth Jones.
The property is worth approximately £1.5 million. Mr and Mrs Jones have shares in the equitable title to the property of 20% (Mr Jones) and 80% (Mrs Jones). Mrs Jones is not involved with her husband’s business.
Advise Manchester Bank what steps need to be taken in connection with the execution of the mortgage deed to ensure that it affords the bank adequate protection.
1.2
You are also instructed by Manchester Bank in connection with another borrower, Stockport Pressings Limited, which took a loan of £120,000 secured by a first legal charge dated 1st July 2015 over its business premises (valued at £270,000) at 4 Station Drive, Stockport. Stockport Pressings Limited is in financial difficulties and in November 2015 created a second legal charge over the same premises to secure a further loan of £50,000 from Macclesfield Speedy Loans. Stockport Pressings Limited agreed with Manchester Bank to repay its loan by monthly payments but has made no repayments since January 2016.
Advise Manchester Bank as to whether it has the power to sell 4 Station Drive and on the duties it must fulfil in the exercise of that power.
ONE TOPIC IS AS BELOW in TWO PARTS
1.1 You are instructed by Manchester Bank Plc in connection with an overdraft facility of £1.2 million to be made available to a business run Mr Paul Jones. Repayment of the overdraft is to be secured by way of a first legal charge to be created over a house owned and occupied by Mr Jones and his wife, Ruth Jones.
The property is worth approximately £1.5 million. Mr and Mrs Jones have shares in the equitable title to the property of 20% (Mr Jones) and 80% (Mrs Jones). Mrs Jones is not involved with her husband’s business.
Advise Manchester Bank what steps need to be taken in connection with the execution of the mortgage deed to ensure that it affords the bank adequate protection.
1.2
You are also instructed by Manchester Bank in connection with another borrower, Stockport Pressings Limited, which took a loan of £120,000 secured by a first legal charge dated 1st July 2015 over its business premises (valued at £270,000) at 4 Station Drive, Stockport. Stockport Pressings Limited is in financial difficulties and in November 2015 created a second legal charge over the same premises to secure a further loan of £50,000 from Macclesfield Speedy Loans. Stockport Pressings Limited agreed with Manchester Bank to repay its loan by monthly payments but has made no repayments since January 2016.
Advise Manchester Bank as to whether it has the power to sell 4 Station Drive and on the duties it must fulfil in the exercise of that power.
Dr A.
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