SQE1 · FLK2 · Practice
Five options, one best answer, no negative marking. Submit each question to see the rationale and the controlling authority before moving on.
A lender advances £200,000 secured by a first legal charge over a residential property valued at £350,000. The borrower defaults. The lender appoints a receiver who sells the property for £320,000 after marketing for three months. A surveyor's report obtained before sale valued the property at £340,000. The borrower claims the lender is liable for the shortfall between the sale price and the surveyor's valuation. Is the lender liable?
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