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Release Of Liability Mortgage Template for England and Wales

A Release of Liability Mortgage is a legal document used in England and Wales that formally releases one or more parties from their obligations under a mortgage agreement. This document is executed when a borrower needs to be removed from the mortgage liability while potentially leaving other borrowers responsible for the remaining debt. It requires registration with HM Land Registry and must comply with the Law of Property Act 1925 and other relevant legislation. The document includes specific details about the property, original mortgage, and terms of release.

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What is a Release Of Liability Mortgage?

A Release of Liability Mortgage is essential in situations where one party needs to be removed from mortgage obligations, such as divorce, separation, or business partnership dissolution. This document, governed by English and Welsh law, formally releases specific parties from their mortgage responsibilities while ensuring the mortgage remains valid for any remaining parties. It must include precise details about the property, original mortgage terms, and the specifics of the release. The document requires careful drafting to comply with the Law of Property Act 1925, Land Registration Act 2002, and other relevant legislation, and must be properly registered with HM Land Registry to be effective.

What sections should be included in a Release Of Liability Mortgage?

1. Parties: Details of the mortgagor, mortgagee, and any other relevant parties

2. Background: Information about the original mortgage and circumstances leading to release

3. Definitions: Key terms used throughout the document

4. Release Declaration: Formal statement of release from mortgage obligations

5. Property Description: Legal description of the mortgaged property

6. Execution Block: Signature section for all parties

What sections are optional to include in a Release Of Liability Mortgage?

1. Partial Release Provisions: Used when only part of the liability is being released or when releasing one party but maintaining obligations of others

2. Continuing Security Provisions: Details of any security interests that remain in effect, used when some security interests are maintained

3. Conditions Precedent: Conditions that must be met before release takes effect, used when release is conditional on certain events

What schedules should be included in a Release Of Liability Mortgage?

1. Property Schedule: Detailed legal description of the property including title numbers

2. Original Mortgage Details: Key information from the original mortgage agreement

3. Land Registry Forms: Relevant Land Registry forms (e.g., DS1) for discharge registration

4. Payment Schedule: If applicable, details of any final payments or settlements

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

England and Wales

Document Type

Mortgage Document

Cost

Free to use

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