Apr 18, 2022
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An example of this type of loan is a construction loan. Therefore, UAE Mobile Number Database we suggest that you read the priority agreement. Also, if you don't know the consent of the first mortgagee before the second mortgage, it will be considered a breach of the earlier mortgage. However, this won't affect your rights as this matter is related to UAE Mobile Number Database the mortgagor. Registration You should sign up for a second mortgage rather than depend UAE Mobile Number Database on a caveat to be on the safe side. The thing is that a registered mortgage offers a higher level of security. If you don't register for it, you won't have the UAE Mobile Number Database authority to sell or transfer the property. Also, caveats tend to have lapsing notices, which is why you need to get a court order to maintain the caveat. Improperly drafted caveats UAE Mobile Number Database may be marked invalid or removed. Also, if you don't register your mortgage, you will have no interest UAE Mobile Number Database in the property as per the title. As a result, you may risk losing UAE Mobile Number Database priority to someone who has a registered mortgage. Therefore, we suggest that you go through the registration process and have your second mortgage registered. This will offer greater security and allow you to UAE Mobile Number Database sell or transfer the property if you don't get your money back. Conclusion Since a second mortgage involves a lot of risks, we suggest that you do your research to ensure there is enough equity to protect the money you have lent. Apart from this, you may want to get in touch with the first UAE Mobile Number Database mortgagee to ensure it is secure. So, the steps you need to follow include registering your mortgage against the property and signing a priority agreement with the mortgagee. Apart from UAE Mobile Number Database this, we suggest that you get legal advice based on your specific circumstances.