Start Mortgages Solved?

Many of you will have seen the media reports last night and today in relation to promised legislative intervention to resolve the issues created by the decision in the Start Mortgages case.

Regular readers will also know that those difficulties have already been significantly ameliorated by a series of other court decisions so that the only substantial problem which remains is that it is not possible for a mortgagee to apply to court on a summary basis for possession of registered land. 

In addition, there remains a slight market concern, particularly among purchasers' solicitors, with respect to the ability of a mortgagee who is selling to overreach subsequent charges or judgment mortgages in relation to unregistered land, although we think the better view is that this issue is also resolved.