by The Landlord
Cosgrove said the Property Law Bill is largely based on Law Commission recommendations for people buying or selling property, or mortgaging their property to raise finance. The Bill also applies to commercially leased property.
Examples of the reforms proposed by the Law Commission include:
· Mortgagees (such as banks) will have to notify other interested parties (such as a friend or relative who guaranteed the mortgage) when exercising rights over a property after a mortgagor defaults on a mortgage. Currently only mortgagors have to be notified.
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