Book mortgage
Book land charge – The book land charge is a common means of underpinning the creditworthiness of a borrower and is used to secure a loan. Nowadays, the land charge has almost completely overtaken the formerly predominant mortgage and accordingly belongs to the liens on real property. A property can be encumbered in such a way that a certain sum is payable from the property to the person in whose favour the encumbrance is made. This means, therefore, that the land charge is a right in rem, and it allows the creditor to carry out immediate execution.
Book mortgage at a glance: The new mortgage
- Serves as credit security
- Has almost completely displaced mortgage
- Belongs to the real estate liens
- Enables the creditor to enforce immediately
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