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151 Farnham Lane, Slough, was in Mr and Mrs O’Brien’s names jointly.They had a £25,000 mortgage to a building society. Mr Tucker, who worked for Barclays Bank plc, when the mortgage was increased to £60,000 in 1981 made a note that Mrs O’Brien might be a problem.
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The Law of Property Act 1925 section 85 say that a mortgage requires a deed (under LPMPA 1989 section 1, a document that is signed, witnessed and states it is a deed). Under the Land Registration Act 2002 sections 23 and 27, a notice of a mortgage must be filed with HM Land Registry for the mortgage to be effective.
In March 1998, after Bank of Scotland had withdrawn their product, Barclays Bank launched their shared appreciation mortgage. Like Bank of Scotland's zero-interest mortgage, the maximum loan to property value ratio (LTV) was 25%, no interest was charged, and the lender's share of the appreciation was three times the LTV.
Once you pay off your mortgage, the mortgage lender — also referred to as the “trustee” — creates the deed of reconveyance document. The lender then signs this document and has it notarized.
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