# Consumer Credit Act 1974, Section 58: Opportunity for withdrawal from prospective land mortgage.


(1) Before sending to the debtor or hirer, for his signature, an unexecuted agreement in a case where the prospective regulated agreement is to be secured on land (the “mortgaged land ”), the creditor or owner shall give the debtor or hirer a copy of the unexecuted agreement which contains a notice in the prescribed form indicating the right of the debtor or hirer to withdraw from the prospective agreement, and how and when the right is exercisable, together with a copy of any other document referred to in the unexecuted agreement.
(2) Subsection (1) does not apply to—
(a) a restricted-use credit agreement to finance the purchase of the mortgaged land, or
(b) an agreement for a bridging loan in connection with the purchase of the mortgaged land or other land.

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Source: https://www.legislation.gov.uk/ukpga/1974/39/section/58 (the official version)
Page: https://openlegislation.uk/consumer-credit-act-1974/section-58
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.