The conversation between human and AI assistant.
What is the difference between a registered mortgage and an equitable mortgage?
Can you explain to me the difference between a registered mortgage and an equitable mortgage?
Of course! A registered mortgage is a mortgage that is registered with the land registry. This means that the mortgage lender has a legal claim over the property in the event that the borrower defaults on their loan. An equitable mortgage, on the other hand, is a mortgage that is not registered with the land registry. Instead, it is based on an agreement between the borrower and the lender.