Aldermore Bank Plc v Rana [2015] EWCA Civ 1210 (26 November 2015)

Aldermore Bank Plc v Rana [2015] EWCA Civ 1210 (26 November 2015)

Completion of the mortgage transaction required actual redemption of the prior charges; since the redemption monies were not paid and the prior charges remained, completion did not occur and Mr Rana is not contractually liable for the mortgage advance except for the sum paid to him.

Citation
[2015] EWCA Civ 1210
Parties
Claimant/appellant: Aldermore Bank plc; Defendant/respondent: Nassir Rana
Jurisdiction
England and Wales
Judgment Date
26 November 2015
Procedural Posture
Appeal From High Court (chancery Division) / Court of Appeal Judgment
Outcome
Appeal dismissed
Legal Topics
Mortgage Completion, Remortgage Transactions, Solicitors' Undertakings, Breach of Trust, Redemption of Charges
Property Law Banking Law Trusts and Equity Mortgage Completion Remortgage Transactions Solicitors' Undertakings Breach of Trust Redemption of Charges

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 5 Party arguments 2 Amounts and remedies 4
Sign in to unlock

Parties

Aldermore Bank plc

Claimant/appellant

Nassir Rana

Defendant/respondent

Procedural Posture

Appeal From High Court (chancery Division) / Court of Appeal Judgment

Legal Issues

  1. 1 Whether completion of the mortgage transaction occurred so as to make Mr Rana liable for repayment
  2. 2 Whether payment of redemption monies to Clydesdale Bank was a necessary part of completion

Ratio Decidendi

Completion of the mortgage transaction required actual redemption of the prior charges; since the redemption monies were not paid and the prior charges remained, completion did not occur and Mr Rana is not contractually liable for the mortgage advance except for the sum paid to him.

Court Disposition

Appeal dismissed

Orders

  • Mr Rana is liable only for the sum of £78,193.64 paid to him; no liability for the unrecovered balance of the mortgage advance.