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Private Mortgage Contract

Private Mortgage Contract Template for England and Wales

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Key Requirements PROMPT example:

Private Mortgage Contract

"I need a Private Mortgage Contract for a £450,000 loan secured against a residential property in London, with a 5-year term and monthly repayments at 4.5% interest rate, to be completed by March 2025."

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Document background
The Private Mortgage Contract serves as the primary legal instrument for private lending secured against real property in England and Wales. This document is typically used when traditional bank financing is not suitable or desired, such as in rapid property acquisitions, development projects, or specialized lending situations. The contract must comply with the Law of Property Act 1925, Financial Services and Markets Act 2000, and related regulations. It includes comprehensive details about the loan terms, security arrangements, repayment schedules, and enforcement mechanisms, while ensuring adequate protection for all parties involved.
Suggested Sections

1. Parties: Details of the lender and borrower, including full legal names, addresses, and registration details if applicable

2. Background: Context of the mortgage arrangement, including property details and purpose of the loan

3. Definitions: Key terms used throughout the agreement including 'Property', 'Mortgage', 'Interest Rate', 'Term', and other relevant definitions

4. The Loan: Amount, purpose, and basic terms of the mortgage including drawdown conditions

5. Security: Details of the property and legal charge, including the nature and extent of the security

6. Repayment Terms: Payment schedule, interest rates, calculation methods, and payment procedures

7. Borrower's Covenants: Obligations of the borrower including property maintenance, insurance, and other ongoing commitments

8. Default Provisions: Events of default, consequences, and remedies available to the lender

Optional Sections

1. Insurance Requirements: Detailed insurance obligations including types of coverage required, when separate from main covenants

2. Early Repayment: Terms and conditions for early repayment, including any penalties or fees

3. Additional Security: Terms for any additional security or guarantees required beyond the primary property charge

Suggested Schedules

1. Schedule 1 - Property Description: Detailed legal description of the mortgaged property including title number and registered address

2. Schedule 2 - Payment Schedule: Detailed repayment schedule including payment dates, amounts, and interest calculations

3. Schedule 3 - Special Conditions: Any special terms or conditions applicable to this specific mortgage agreement

4. Schedule 4 - Property Insurance Requirements: Detailed specifications for required property insurance coverage and terms

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Industries

Law of Property Act 1925: Fundamental legislation governing property rights, requirements for creation of legal mortgages, and power of sale provisions

Financial Services and Markets Act 2000: Main regulatory framework for financial services and requirements for authorized lenders in England and Wales

Consumer Credit Act 1974: Legislation covering regulated mortgages and consumer protection provisions in lending

Mortgage Credit Directive Order 2015: EU-derived regulations governing conduct requirements for mortgage lending, maintained post-Brexit

FCA Mortgage Conduct of Business Rules: Regulatory rules for FCA-regulated lenders covering fair treatment of borrowers and disclosure requirements

Consumer Rights Act 2015: Legislation covering unfair terms provisions and transparency requirements in consumer contracts

Land Registration Act 2002: Legislation governing registration requirements and priority of mortgages in England and Wales

Money Laundering Regulations 2017: Regulations covering due diligence requirements and identity verification in financial transactions

Human Rights Act 1998: Legislation protecting right to peaceful enjoyment of property and right to private life

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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