ANSWERS TO CORRESPONDENTS
" G.K. 2," Queenstown.—The lessee pays the cost of preparing a lease of property and also the stamp duty. H. F., Dunedin.—(l) Under tho Mortgagors Relief Act the mortgagor was, In the circumstances stated, entitled to a reduction of 20 per cent., which would bring tho interest down to £5 4s per cent. The Act provided for a roductlon In the rate of Interest, but It was not to be used to reduce Interest below 5 per cent, and affected only mortgages completed prior to 1930. (2) Under the same Act the mortgagor is protected against the calllng-up of the money before examination of the circumstances by the Mortgage Relief Commission and the mortgagee must show cause why the existing arrangements should be disturbed. (3) Independent legal advice should be taken and no documents should be signed except under that advice.
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Bibliographic details
Otago Daily Times, Issue 22328, 31 July 1934, Page 8
Word Count
143ANSWERS TO CORRESPONDENTS Otago Daily Times, Issue 22328, 31 July 1934, Page 8
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