89Regulation of exercise of power of sale

89 Regulation of exercise of power of sale (1) A mortgagee must not exercise the mortgagee's power of sale (whether conferred by an Act or an instrument of mortgage) unless: (a) default has been made in the payment of the principal money or interest (or a part of it) secured by the instrument of mortgage, notice requiring the payment of the amount that constitutes the default has been served on the mortgagor and the default has continued for 30 days (or any other period of not less than one day as agreed) after the service of the notice; or (b) default has been made on the part of the mortgagor or of some other person concurring in the making the mortgage in the observance or fulfilment of a provision contained in the instrument of mortgage or implied by this or another Act, notice requiring the default to be remedied has been served on the mortgagor and the default has continued for 14 days after the service of the notice. (2) A notice under subsection (1) is to be in the approved form. (a) despite section 51 or any provision in a mortgage to the contrary; (b) to mortgages made before and after the commencement of (c) only if the power of sale is exercised because of a default that occurs after the commencement of this Act.

Law of Property Act 2000 57