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amend the Law of Property Act 1925 to require a mortgagee to obtain the |
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court’s permission before exercising the power of sale, where the mortgaged |
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land consists of or includes a dwelling-house; to make certain powers |
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available to the court in actions by mortgagees for possession of a dwelling- |
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house; and for connected purposes. |
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Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and |
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consent of the Lords Spiritual and Temporal, and Commons, in this present |
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Parliament assembled, and by the authority of the same, as follows:— |
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1 | Amendment of the Law of Property Act 1925 |
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In section 101 of the Law of Property Act 1925 (c. 20), after subsection (1A) |
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“(1B) | Where the mortgage is a mortgage of land which consists of or includes |
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a dwelling-house, subsection (1)(i) is subject to the mortgagee applying |
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to the court for permission to exercise the power of sale. |
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(1C) | On an application by the mortgagee under subsection (1B), the court |
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may exercise any of the powers conferred on it by subsection (1D) |
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below if it appears to the court that in the event of its exercising the |
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power the mortgagor is likely to be able within a reasonable period to |
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pay any sums due under the mortgage or to remedy a default |
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consisting of a breach of any other obligation arising under or by virtue |
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(a) | may adjourn the proceedings, or |
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(b) | on giving judgment, or making an order, for sale of the |
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mortgaged property, or at any time before the execution of such |
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(i) | stay or suspend execution of the judgment or order, or |
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(ii) | postpone the date of sale |
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| for such period or periods as the court thinks reasonable. |
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(1E) | Any such adjournment, stay, suspension or postponement as is |
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referred to in subsection (1D) above may be made subject to such |
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conditions with regard to payment by the mortgagor of any sum |
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secured by the mortgage or the remedying of any default as the court |
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(1F) | The court may from time to time vary or revoke any condition imposed |
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by virtue of this section.” |
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(1) | This Act may be cited as the Home Repossession (Protection) Act 2009. |
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(2) | This Act extends to England and Wales only. |
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