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Partial Mortgage Release Agreement

Partial Mortgage Release Agreement Template for England and Wales

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Key Requirements PROMPT example:

Partial Mortgage Release Agreement

"I need a Partial Mortgage Release Agreement to release a 0.5-acre portion of mortgaged farmland for sale to a developer, while maintaining the existing mortgage over the remaining 10 acres; the release needs to be effective by March 2025."

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Document background
A Partial Mortgage Release Agreement is utilized when property owners need to release a specific portion of their mortgaged property from the existing mortgage security. This commonly occurs in development scenarios, property subdivisions, or partial sales. Under English and Welsh law, this document must comply with the Law of Property Act 1925 and Land Registration Act 2002, requiring precise property descriptions, clear release terms, and confirmation of continuing security. The agreement typically includes property plans, consideration details, and necessary land registry forms for proper registration.
Suggested Sections

1. Parties: Identifies all parties to the agreement including mortgagor, mortgagee, and any other relevant parties

2. Background: Details of original mortgage, reason for partial release, and current status

3. Definitions: Key terms used throughout the agreement including Property, Released Portion, Retained Portion, Original Mortgage

4. Property Description: Detailed description of both the released portion and retained portion of the property

5. Release Terms: Specific terms and conditions of the partial release

6. Consideration: Details of any payment or consideration for the release

7. Continuing Security: Confirmation that mortgage continues over retained property

Optional Sections

1. Conditions Precedent: Conditions that must be met before release becomes effective - used when specific requirements must be met before release

2. Representations and Warranties: Statements about the property and parties' authority - used in more complex releases or where additional assurance is required

3. Costs and Expenses: Allocation of costs related to the release - used when costs need to be explicitly addressed

Suggested Schedules

1. Schedule 1 - Property Plans: Plans showing released and retained portions of the property

2. Schedule 2 - Original Mortgage Details: Copy or summary of original mortgage agreement

3. Schedule 3 - Land Registry Forms: Required forms for registration of the partial release

4. Schedule 4 - Valuation Report: Professional valuation of released and retained portions

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Law of Property Act 1925: Primary legislation governing property law in England and Wales, particularly sections dealing with mortgages, charges, and legal requirements for property releases

Land Registration Act 2002: Legislation covering requirements for registration of changes to mortgages and procedures for updating land registry records

Financial Services and Markets Act 2000: Sets out the regulatory framework for mortgage lenders and consumer protection provisions in financial services

Consumer Credit Act 1974: Legislation governing consumer credit aspects of mortgages and related financial agreements

Financial Services and Markets Act 2000 (Regulated Activities) Order 2001: Regulatory instrument detailing specific regulations concerning mortgage activities and regulated financial services

Land Registration Rules 2003: Detailed procedural requirements for land registration and associated processes in England and Wales

Mortgage Credit Directive Order 2015: EU-derived regulations (maintained post-Brexit) governing mortgage credit and related activities

FCA Mortgage Conduct of Business Rules (MCOB): Regulatory requirements and guidelines set by the Financial Conduct Authority for mortgage lenders' business conduct

HM Land Registry Requirements: Specific forms, procedures, and requirements set by HM Land Registry for processing partial releases of mortgages

Equitable Principles: Common law principles regarding partial discharge of security and fair treatment in mortgage relationships

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