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The Brocklesby Principle: Do lenders have to worry about equitable interests?


1 November 2016

Time: 10:00am – 1:00pm
Venue: CML Bush House, London
Price: £55 (VAT exempt) members
£99 (VAT exempt) associates
£129 (VAT exempt) non-members
The Brocklesby Principle: Do lenders have to worry about equitable interests?

About this event

Overriding interests have the potential to render a lender’s security worthless, so what can lenders do to protect themselves? This masterclass considered the interrelation between overriding interests and mortgages generally, before exploring the details of Wishart v Credit & Mercantile plc [2015] in which the lender ultimately succeeded on an application of the Brocklesby principle. 

This event was aimed at:

Solicitors, receivers, conveyancers and anyone working in a lender in-house legal team or legal services.

Key takeaways from this event:

The Brocklesby principle, as explained by the Court of Appeal in Wishart v Credit and Mercantile [2015] EWCA Civ 655;  [2015] 2 P&CR 15, is based upon a combination of factors: 

  • The owner of an asset must give actual authority to a person to deal with that asset in some way on his behalf;
  • The owner must furnish the agent with the means of holding himself out to a purchaser or lender as the owner of the asset or as having the full authority of the owner to deal with it;  and 
  • The owner must omit to bring to the attention of a person dealing with the agent any limitation that exists as to the extent of the actual authority of the agent.

The limits of the principle are not yet clear; but it should be carefully considered in all cases in which overriding interests in a security property are being claimed in priority to a lender’s mortgage.  

Feedback from attendees:

"This has been an excellent event, I find this depth of detail and opportunity for discussion with council extremely valuable"

"Both articulate and explained all the questions in simple English"

"Very good – useful discussions. Relevant and lots of points to think about and consider"  

"Really useful and good level of detail. Perfect duration too"


0945 - 1015  

Registration and refreshments

1015 - 1030  

Welcome and introduction
Philip Rainey QC & Tim Polli, Tanfield Chambers

1030 - 1200  

The Brocklesby Principle
Philip Rainey QC & Tim Polli, Tanfield Chambers

  • Mortgages and equitable interests: know the facts
  • Protecting lender securities when there are overriding interests
  • Applying the Brocklesby principle
1200 - 1215  


1215 - 1245   Lunch and event close










Tim Polli

Barrister, Tanfield Chambers

Tim Polli was called to the Bar in 1997 and practices exclusively in the fields of property and commercial law.  He has appeared in several decisions that have important implications for lending institutions seeking to minimise the effects of mortgage fraud, most recently Wishart v Credit & Mercantile, concerning overriding interests and the Brocklesby principle, and Bank of Cyprus v Menelaou, concerning lenders' rights to claim subrogation to prior discharged security interests.



Philip Rainey QC

Head of Chambers, Tanfield Chambers

Philip Rainey is head of chambers, and took Silk in 2010 “…to the unequivocal delight of the market” (Chambers UK 2011). He is noted for his "fearsome" courtroom advocacy and for acting on complex and high-value cases.

"A true star with a first-class brain" (Legal 500 2015)

"Philip is extremely user-friendly. His advice is clear, definitive and reasoned, and his willingness to provide strong opinions gives you real faith in your position." (Chambers UK 2014)

‘A real star, who is highly intelligent and a skilled advocate.’ (Legal 500 2014)


Content developed by

Tanfield Chambers

Red Tanfield text on white backgroundTanfield is a leading set in property law and a ‘force to be reckoned with’ across all aspects of commercial and residential real estate litigation and ADR. We have unrivalled experience of enfranchisement and service charge issues.


Hosted by

Council of Mortgage Lenders

The CML is the main trade body representing UK mortgage lenders. Our members are banks, building societies, and other lenders who together account for around 95% of the nation's residential lending




Council of Mortgage Lenders

3rd Floor Bush House, North West Wing
London WC2B 4PJ

(Owing to building works, would visitors please note that the main entrance to the North West Wing will be closed temporarily with effect from 3rd October 2016. Visitors should enter via the colonnade to the left of the building.)

Nearest tube stations:

Holborn (Piccadilly and Central lines)
Charing Cross (Bakerloo and Northern lines)
Waterloo (Jubilee, Waterloo & City, Northern and Bakerloo lines)

Nearest overground station:

Waterloo (Connects to Jubilee, Waterloo & City, Northern and Bakerloo lines)

Event resources

Presentations from the day are available below for attendees. Click on the links to download the presentations in pdf format. 

Contact us

Laura Marshall

Telephone: 08453736771

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