Section Sch6-8 — Property Law Act 2007: Form of mortgage

8 Form of mortgage (1) Mortgages of land may be made by an ordinary conveyance by way of mortgage or in the following form: Mortgage of Land (a) Mortgagor: [ full name, place of residence, and occupation of mortgagor or mortgagors ] (b) Estate: [ “ freehold in fee simple ” or “ leasehold ” , as the case may be ] (c) Land: [ full description, with plan, of the land to be mortgaged ] (d) Mortgagee: [ full name, place of residence, and occupation of mortgagee or mortgagees ] (e) Principal sum: [ amount ] (f) Date of advance: [ date ] (g) Rate of interest: [ rate (if any) agreed upon ] (h) How interest payable: [ “ yearly ” , “ half-yearly ” , “ quarterly ” , and date or dates for payment, or otherwise, as the case may be ] (i) How and when principal sum to be repaid: [ date and mode of payment agreed upon ]. And for the better securing to the mortgagee the payment of the principal sum, interest and other money, I [ or we ] mortgage to the mortgagee all my [ or our ] estate and interest in the land. Signed at , this day of [ month ], [ year ] [ signature or signatures ] Mortgagor [ or Mortgagors ] Signed by [ name of mortgagor or mortgagors ] as mortgagor[ s ], in the presence of: [ signature of witness ] [ place of residence ] [ occupation ] (2) A mortgage in the form set out in subclause (1)— (a) is to be treated as a charge on the land; and (b) may be registered accordingly. Compare: 1952 No 51 s 76