Equity Of Redemption in Europe

Definition of Equity Of Redemption

The right of a mortgagor to redeem the mortgaged property (i. e., clear it of the mortgage debt) by paying off the principal and interest. Six months’ notice to the mortgagor, or six months’ interest in lieu of notice, was required. The equity to redeem could only be lost by foreclosure (q.v.) or under the Statute of Limitations where a mortgagee remained in possession for twelve years without acknowledging the title of the mortgagor.
By the Law of Property Act, 1925, the equity of redemption is in effect abolished, as the mortgagor retains the legal estate, and creates a long term of years, or a charge in favour of the mortgagee, with a proviso for cesser, or redemption, respectively. See Clog on Equity of Redemption; Howard v. Harris

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Definition of Equity Of Redemption is, temporally, from A Concise Law Dictionary (1927). This page needs to be proofread.

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