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Redemption is the process taken to discharge a mortgage affecting land. In practice, the procedure for redemption is often linked with the procedure for the sale of a property. Upon receipt of all the outstanding principal and interest payable under a mortgage, the mortgagee will execute a redemption document releasing the property from the mortgage. The redemption document which may be a release, a discharge or a receipt on discharge of a charge is then registered at the Land Registry to complete the redemption process. In the Land Register, the registered redemption document is normally shown immediately below the relevant registered mortgage which it serves to discharge.
Example
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Memorial No.
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Date of
Instrument
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Date of
Registration
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Nature
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In Favour Of
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Consideration
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UB123456
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1/2/1996
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10/2/1996
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Mortgage
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ABC Bank
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All Monies
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UB234567
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15/8/2001
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28/8/2001
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Release
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-
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-
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In the above example, it appears that Mortgage Memorial No.UB123456 has been discharged by Release Memorial No.UB234567 and no longer constitutes an encumbrance to the relevant property.
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