creation of equitable mortgage
NAVNEET GUPTA
(Querist) 11 September 2010
This query is : Resolved
Sir,
I am in the Panel of Bank and the Bank's branch at New Delhi intends to give a loan to a group / Company on the basis of a thirty party mortgage of a property situates at Srinagar- (J&K)
The status of property is as under :-
That the original owner of property leased out the property in perpetuity in favour of concern and at present the possession of land is with the private concern and a valid document of lease was executed between the parties wherein it was provided the lessee can mortgage leasehold rights.
Further, the earlier owner thereafter sold away his ownership rights ,in exclusion of leasehold rights, in favour a third individual and the ownership rights are with said individual.
Now my query ,on above facts, is :
Whether a property situate in a different state can be mortgaged (equitable) for a Bank situtates in another state.
Further what documents to be procured from both the parties viz. lessee and from the existing owner and whether they both are required to execute different mortgage deeds viz. lessee mortgage its leasehold rights and the owner mortgage his ownership rights and further what guidelines are to be obsered to secure the Bank 's interest.
s.subramanian
(Expert) 11 September 2010
No doubt,a property in one state can be mortgaged in another state. There is no bar. With regard to the mortgage,you have to take from both the lessee and the owner.
Devajyoti Barman
(Expert) 11 September 2010
1. Yes
2. The proof if their respetive rights as claimed by them.
NAVNEET GUPTA
(Querist) 15 September 2010
My sincere thanks to eminent experts and highly obliged by their timely advice.
Thanks
M/s. Y-not legal services
(Expert) 15 September 2010
yes there is no bar for a interstate mortgage. i agree with mr.subramanian
..tom..
