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Legal Terms – equatible right to redeem
Even after the date of redemption specified in the mortgage deed has passed, the mortgagor has the right to repay the loan secured by his property and have the mortgage discharged. If the court finds that a term gives the mortgagee a *collateral advantage or that a clog or fetter on the equitable right to redeem unfairly interferes with the mortgagor's inviolable right to redeem, it may invalidate the term. These collateral benefits, clogs, or fetters are typically included in the mortgage terms (though not always; see Lewis v. Frank Love Ltd [1961] 1 WLR 261 (Ch)). These terms may include clauses like a *solus tie (Noakes & Co Ltd v Rice [1902] AC 24 (HL)) or an option to buy (Samuel v. Jarrah Timber & Wood Paving Corporation Ltd [1904] AC 323 (HL)).
Even after the date of redemption specified in the mortgage deed has passed, the mortgagor has the right to repay the loan secured by his property and have the mortgage discharged. If the court finds that a term gives the mortgagee a *collateral advantage or that a clog or fetter on the equitable right to redeem unfairly interferes with the mortgagor's inviolable right to redeem, it may invalidate the term. These collateral benefits, clogs, or fetters are typically included in the mortgage terms (though not always; see Lewis v. Frank Love Ltd [1961] 1 WLR 261 (Ch)). These terms may include clauses like a *solus tie (Noakes & Co Ltd v Rice [1902] AC 24 (HL)) or an option to buy (Samuel v. Jarrah Timber & Wood Paving Corporation Ltd [1904] AC 323 (HL)).
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