I must confess to never having read all the terms and conditions attached to any mortgages over my own properties let alone those of my clients. Nevertheless, I have noted comments made suggesting that a change of beneficial interests in a property subsequent to the granting of any mortgage requires notification to the mortgagee.
Assuming that such notification is required is this notification not a matter for the mortgagor(s) alone? This must I assume be so where any declaration of trust is executed by the trustees without legal advice or awareness on the part of any solicitor. Even if legal advice is taken and a solicitor prepares the declaration for execution (the solicitor not at that time acting for the mortgagee, I assume) is the solicitor under any duty to notify the mortgagee or would this constitute a breach of confidentiality vis a vis the client(s)?
Why is a requirement to notify the mortgagee of a subsequent change of the beneficial interest in the property included in the mortgage in any event? On the basis that any underlying beneficial interest (I assume) would be overreached I fail to see how the mortgagee’s legal charge is in any way adversely affected by changes in the underlying beneficial interest.