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I am trying to understand the interpretation of unfair terms in contracts. There is a term in my mortgage agreement which states:
These seem pretty disproportionate to me, having to repay the whole mortgage on a late payment, but would the law see it that way? Is it unfair, when to remortgage would take longer than a month?
Another term says:
The bolded bit seems very vague and the reference to Law of Property Act is not in 'plain english'
Is this the way the law would see it?
Another one, in definitions it defines the lender as:
Should there be some form of notification that BofS took over this mortgage when Halifax merged with BofS? What is a successor, in this case?
12.2. If any of the following things happen, the borrower will repay the mortgage debt immediately.
a. The borrower fails to make one monthly payment or more when it is due.
b. The borrower fails to pay any any other part of the mortgage debt within one month of it becoming due.
a. The borrower fails to make one monthly payment or more when it is due.
b. The borrower fails to pay any any other part of the mortgage debt within one month of it becoming due.
Another term says:
12.5. Once any of these events specified in condition 12.2 has occurred, the lender may do any of the following things:
b. Sell the property using the power of sale conferred by the Law of Property Act 1925. Section 103 of the Law of Property Act 1925 imposes certain restrictions on the power of sale of a mortgagee (the lender in this case) but these restrictions do not apply to this mortgage.
b. Sell the property using the power of sale conferred by the Law of Property Act 1925. Section 103 of the Law of Property Act 1925 imposes certain restrictions on the power of sale of a mortgagee (the lender in this case) but these restrictions do not apply to this mortgage.
Is this the way the law would see it?
Another one, in definitions it defines the lender as:
Lender means Halifax plc and its successors and assigns and any person for the time being entitled to exercise the lenders powers in connection with the mortgage.
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