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Simple English definitions for legal terms
solicitor's hypothec
Read a random definition: secondary consideration
A quick definition of solicitor's hypothec:
A solicitor's hypothec is a type of mortgage given to a creditor on property to secure a debt. It is a legal agent's lien for costs in excess of the costs recovered from an opposing party. This means that if a solicitor has provided legal services to a client and the client cannot pay the full amount owed, the solicitor can place a lien on the client's property as security for the outstanding amount. The lien may also apply to the retention of some documents, such as title deeds, as security for a client's outstanding account.
A more thorough explanation:
Solicitor's hypothec is a type of mortgage given to a creditor on property to secure a debt. It is a legal agent's lien for costs in excess of the costs recovered from an opposing party. The lien may also apply to the retention of some documents, such as title deeds, as security for a client's outstanding account.
- A solicitor may hold onto a client's property documents until the client pays their outstanding legal fees.
- If a client owes a solicitor money for legal services, the solicitor may have the right to sell the client's property to recover the debt.
These examples illustrate how a solicitor's hypothec can be used to secure a debt and ensure that a client pays their outstanding legal fees.