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A Mortgage maybe defined as: "A conveyance of land... as a security for the payment of a debt or the discharge of some other obligation"1 Our scenario is concerned with Angela who has taken a mortgage of £80,000 on her lease held property from Skin Deep ltd. Angela has secured her loan by way of a legal charge. Under the LPA 1925, S.87 which provides that the effect of such a mortgage is to give the mortgagee the same protection, powers and remedies as if the mortgage had been made by a sublease. This will be advantageous to Angela as it would not amount to a breach of covenant against subletting as no actual sublease is created.2 Angela's shop is not doing well, and she has been made an offer from Touch Tone ltd to purchase the shop lease. However the legal charge Angela has signed contains certain provisions which prevent Angela from...

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