Residential mortgages: The legalities surrounding default and repossession.

This research study is a critical analysis of the law relating to mortgage repossessions. The main focus is on residential mortgages, where one charge has been granted by the occupiers of the residence. Buy to let mortgages are commercial loans secured on land and therefore fall outside the scope of the study. In order to analyse mortgage repossessions, it is important to study the Law of Mortgages which consists of how it may be defined, the types of mortgages and the formalities for registration.The study focusses on the rise of repossessions during the years 2011-2014 and the legalities surrounding this area. The statistics can be correlated to the law in place during a particular period. This in turn, allows for an evaluation of whether the existing laws in place are adequate. In relation to this assessment various social issues impact on the statistical data. This data may be considered alongside the economic data and the law in place in order to achieve a conclusion.It is important to analyse the law and how the courts apply the law in relation to both the mortgagor and mortgagee. It is also necessary to consider the rights of any occupier who is not a party to the mortgage but who may nonetheless possess certain rights in relation to the mortgaged property. A combination of statutory and non-statutory guidance has shaped this area of law. The impact the Human Rights Act 1998 has had in this context will also be considered.The study involves an exposition of statutory provisions and key cases relevant in this area. Whilst certain common law principles remain crucial in respect of the law which governs domestic mortgage repossessions, various legislative measures and extra-statutory guidelines have also been introduced over time. It is an interesting and important area which will continue to develop. However, in the short term, there is still scope for some drastic change which may come in the near future.