A right over property that acts as security for a debt but is based in fairness rather than a registered legal charge — for example, the charge created by a charging order over a respondent's beneficial interest. The holder of an equitable charge can apply for an order for sale to realise it.
In Plain English
A way of securing a debt against a property, giving the person who is owed money a right to be paid when the house is sold. It is based on fairness rules rather than a standard mortgage contract.
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