Jurisdiction(s):
United Kingdom

Key definition

Mortgage definition

What does Mortgage mean? In practice, a mortgage is the security taken by a lender over land (and fixtures) to secure repayment of a loan or other obligations. It gives the mortgagee proprietary rights in the borrower’s property, affecting priority, registration and enforcement. The term is used descriptively across property, banking and insolvency law and is shaped by statute and case law. England & Wales and Northern Ireland: a mortgage over registered land is usually a legal charge created by deed with the statutory effect of a mortgage (for example, under the Law of Property Act 1925 and NI equivalents). Equitable mortgages can arise,...

CGT/SDLT: Is consideration value plus undischarged mortgage?

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Q&As

We take it that both buyer and seller are unconnected third parties, dealing at arm’s length for these purposes; the asset being conveyed is situated in England and Wales; and the effective date is the date of completion. Although the seller might have a charge secured over its interest in the property, that does not automatically mean the sale to the buyer is caught by that charge by itself. Whether it is depends on what the parties agree. As a rule, a transfer is not taken subject to an existing Mortgage. The notes below consider a transfer that is subject to a mortgage, and one that is not.

Transfer subject to seller’s existing mortgage

Where a property is conveyed to a buyer subject to the seller’s subsisting mortgage, the purchaser assumes the seller’s liability...

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Web page updated on 27/05/2026

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