Define: Equity of Redemption
Where the mortgagee is the legal owner of the property but the mortagor has beneficial interest and the right to redeem once everything is paid for (on time).
Types of Mortages
1. Equitable2. Legal
Remedies available to the mortgagee (5)
1. Sue for money due2. Foreclosure3. Power of Sale4. Right to take possession5. Right to appoint receiver
Beneficial Interest of the mortgagor (3)
1. Right to Redeem2. Right to grant leases3. Right to inspect title deeds