Swift 1st Ltd v Colin & Ors

Swift 1st Ltd v Colin & Ors

The claimant's mortgage, though unregistered, was by deed and thus a legal mortgage under the Law of Property Act 1925, conferring a statutory power of sale. The transfer (TR2) executed by the claimant in exercise of that power was effective to vest the legal estate in the purchasers, overriding subsequent charges and interests. The Land Registry's refusal to register was erroneous.

Parties
Claimant: SWIFT 1st LIMITED; Defendant: Dean Jonathan Colin; Defendant: Joanna Nichola Colin; Defendant: Intervo Dis Ticaret Ve Mumessillik Limited STI; Defendant: Capex Securities Limited
Jurisdiction
England and Wales
Judgment Date
27 July 2011
Procedural Posture
Civil / Judgment After Application for Registration of Title
Outcome
Claim allowed. Declaration granted.
Legal Topics
Mortgages, Power of Sale, Land Registration, Equitable Mortgage, Legal Mortgage
Property Law Mortgages Power of Sale Land Registration Equitable Mortgage Legal Mortgage

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 4 Authorities cited 3 Party arguments 2 Amounts and remedies 2
Sign in to unlock

Parties

SWIFT 1st LIMITED

Claimant

Dean Jonathan Colin

Defendant

Joanna Nichola Colin

Defendant

Intervo Dis Ticaret Ve Mumessillik Limited STI

Defendant

Capex Securities Limited

Defendant

Procedural Posture

Civil / Judgment After Application for Registration of Title

Legal Issues

  1. 1 Whether the claimant's unregistered legal charge confers a valid power of sale under the Law of Property Act 1925
  2. 2 Whether the transfer (TR2) executed by the claimant is effective to vest the legal estate in the purchasers and overreach subsequent charges and interests

Ratio Decidendi

The claimant's mortgage, though unregistered, was by deed and thus a legal mortgage under the Law of Property Act 1925, conferring a statutory power of sale. The transfer (TR2) executed by the claimant in exercise of that power was effective to vest the legal estate in the purchasers, overriding subsequent charges and interests. The Land Registry's refusal to register was erroneous.

Court Disposition

Claim allowed. Declaration granted.

Orders

  • Declaration that the TR2 was effective to transfer the freehold legal estate in the property to the first and second defendants, overreaching the interests of the third and fourth defendants as chargees and any beneficial interests behind the statutory trust in land.
  • Direction to the Land Registrar to register the first and second defendants as proprietors of the legal estate free of the interests of the third and fourth defendants.