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Overreaching by a mortgagee

Overreaching is a statutory mechanism available to a mortgagee (among others) to confer title on the buyer free from charges and encumbrances ranking subsequent to the mortgagee’s security. Overreaching is also available in receivership sales, by ensuring that the mortgagee, rather than the receiver executes the transfer of the property to the buyer.Overreaching can also occur in the context of a mortgagee taking security for repayment of a loan from the trustees of a trust. The mortgagee will be concerned that the security document granted to it by the trustee will overreach the beneficial interest of the beneficiaries of the trust. For more information, see Practice Notes: Enforcement issues for trust property and Overreaching—sales by trustees of land.Buyer’s requirementsWhen taking an appointment, a receiver should consider the requirements of a potential buyer. Usually, a buyer will want to acquire a property free from any charges, including the charge in favour of the selling mortgagee and any other charges registered on the title.The problem is how to satisfy a buyer where...

Overreaching—sales by trustees of land

Overreaching—sales by trustees of land Broadly, the doctrine of overreaching enables purchasers (which includes tenants and mortgagees) in good faith for money or money’s worth to rely solely on the legal title. In the case of registered land, this means the entries entered on the register of title, as it records ownership of the legal estate and is not concerned with equitable interests. A buyer of a legal estate in land from trustees will not be affected by any of the trusts on which the land is held if the purchase price is paid to all the trustees (of whom there must be at least two) or to a trust corporation. Payment of the price in this manner means that the interests of the beneficiaries are said to be ‘overreached’. This is commonly known as the 'two trustee' rule. Overreaching also occurs in sales: • under the powers of the Settled Land Act 1925 • by a mortgagee (see Overreaching by a mortgagee) or personal representative...

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Lexis®PSL Dispute Resolution weekly highlights—22 December 2016

Welcome to the weekly highlights from the Lexis®PSL Dispute Resolution team for the week ending 22 December 2016—our final highlights for 2016. This week, we feature our interactive resource guiding customers through the key Dispute Resolution cases and developments of 2016 and the 87th update to the CPR. We highlight news and analysis on a broad range of matters, including: proprietary freezing orders (Marino); case management (Simpson); applicable law (Banca Santander Totta); cause of action estoppel (Mandic-Bozic); LIBOR claims (Property Alliance); and adjudication (Octoesse). We also identify relevant News Analysis from other Lexis®PSL practice areas, the latest substantive amendments to our core content, new Q&As and recent posts on the Dispute Resolution blog. All this, and more, in our weekly highlights. We’d like to thank our customers, contributors and Editorial Board for their support this year, and wish you all a very pleasant festive break. See you all in 2017!