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Home Repossession (Protection) Bill


 

Home Repossession (Protection) Bill

 

 
 

Contents

1   

Amendment of the Law of Property Act 1925

2   

Short title and extent

 

Bill 52                                                                                                 

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Home Repossession (Protection) Bill

1

 

A

Bill

To

amend the Law of Property Act 1925 to require a mortgagee to obtain the

court’s permission before exercising the power of sale, where the mortgaged

land consists of or includes a dwelling-house; to make certain powers

available to the court in actions by mortgagees for possession of a dwelling-

house; and for connected purposes. 

Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and

consent of the Lords Spiritual and Temporal, and Commons, in this present

Parliament assembled, and by the authority of the same, as follows:—

1       

Amendment of the Law of Property Act 1925

In section 101 of the Law of Property Act 1925 (c. 20), after subsection (1A)

insert—

“(1B)   

Where the mortgage is a mortgage of land which consists of or includes

a dwelling-house, subsection (1)(i) is subject to the mortgagee applying

5

to the court for permission to exercise the power of sale.

(1C)   

On an application by the mortgagee under subsection (1B), the court

may exercise any of the powers conferred on it by subsection (1D)

below if it appears to the court that in the event of its exercising the

power the mortgagor is likely to be able within a reasonable period to

10

pay any sums due under the mortgage or to remedy a default

consisting of a breach of any other obligation arising under or by virtue

of the mortgage.

(1D)   

The court—

(a)   

may adjourn the proceedings, or

15

(b)   

on giving judgment, or making an order, for sale of the

mortgaged property, or at any time before the execution of such

judgment or order, may—

(i)   

stay or suspend execution of the judgment or order, or

(ii)   

postpone the date of sale

20

   

for such period or periods as the court thinks reasonable.

 

Bill 52                                                                                                 

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Home Repossession (Protection) Bill

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(1E)   

Any such adjournment, stay, suspension or postponement as is

referred to in subsection (1D) above may be made subject to such

conditions with regard to payment by the mortgagor of any sum

secured by the mortgage or the remedying of any default as the court

thinks fit.

5

(1F)   

The court may from time to time vary or revoke any condition imposed

by virtue of this section.”

2       

Short title and extent

(1)   

This Act may be cited as the Home Repossession (Protection) Act 2009.

(2)   

This Act extends to England and Wales only.

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