Common Contracts
1 similar Legal Charge contracts
HOUSE OF LORDSLegal Charge • November 4th, 2022
The subject matter of this dispute is Vincent Farmhouse, Manston Road, Thanet ("the property"). The property is registered land which the first respondent, Mr. Rosset, contracted to purchase on 23 November 1982 and which was conveyed to him on 17 December 1982. On the same date Mr. Rosset executed a legal charge on the property in favour of the appellant, Lloyds Bank Plc. ("the bank") to secure an overdraft on his current account with the bank. The bank's charge was registered on 7 February 1983. The bank initially agreed to allow Mr. Rosset to borrow up to £15,000, but later raised this limit to £18,000. The limit was in due course exceeded, the bank's demand for repayment was not met and the bank instituted proceedings in the Thanet County Court for possession of the property in July 1984 against both respondents. Mr. and Mrs. Rosset, who had initially occupied the property as their matrimonial home, had by this time parted. Mr. Rosset, who was no longer residing in the property, did
