Tacking: what further advances since 2002?

In this article the authors consider issues of interest to the syndicated loan market in the context of the “tacking of further advances” to existing lending secured by registered land or mortgages of registered land in light of s 49 of the Land Registration Act 2002 developments in jurisprudence on the topic and the work of the Law Commission. The authors are indebted to Mr Trevor Moore for his article in this journal entitled ‘Real Estate as Security following The Land Registration Act 2002’ (2004) 2 JIBFL 56 upon which this work builds. This work assesses developments since that date and addresses problems arising in the modern loan market where; syndicate lenders make further advances directly to the borrower under ancillary facilities/RCFs; where loan agreements state that the obligation to make a further advance does not apply for so long as there is...