The Mortgage Sale Deed is essential when implementing mortgage portfolio transfers in England and Wales. It is commonly used in securitization transactions, portfolio sales, and business restructuring. The deed must address various regulatory requirements, including those under the Financial Services and Markets Act 2000 and the Law of Property Act 1925. It typically includes comprehensive warranties about the mortgage portfolio, detailed completion mechanics, and provisions for notifying borrowers of the transfer.
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1. Parties: Identification of seller and purchaser of the mortgages
2. Background: Context of the sale and details of the mortgage portfolio
3. Definitions: Key terms used throughout the deed
4. Sale and Purchase: Core terms of the transfer of the mortgage portfolio
5. Purchase Price: Consideration and payment terms
6. Completion: Transfer mechanics and timing
7. Representations and Warranties: Standard seller warranties regarding the mortgage portfolio
1. Post-Completion Obligations: Used when ongoing obligations exist after completion, typically for complex transactions with continuing obligations
2. Data Protection: Provisions for handling personal data when transferring mortgage information
3. Transitional Services: Arrangements for continued servicing when seller continues to service the mortgages post-sale
1. Schedule 1: The Mortgage Portfolio: Detailed list of mortgages being sold
2. Schedule 2: Warranties: Detailed warranties relating to the mortgage portfolio
3. Schedule 3: Completion Requirements: Detailed completion mechanics and requirements
4. Schedule 4: Forms of Notices: Template notices to borrowers regarding the transfer
5. Schedule 5: Power of Attorney: Form of power of attorney for post-completion actions
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