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Your registered mortgage is little fun if you have competing claims for the title as a result of additional parties claiming an equitable interest. For a relatively recent and spectacular example (not a straight but creating the same legal issues around equitable interests), I give you Money For...

Nope. The minute there is a wrap you have a compromised security whereby should you be required to recover, the wrappee (sp?) claims an equitable interest in the property. The longer it goes on, the more likely a court will find a competing interest exists. So, better for the bank to force...

Given in this instance "They" means people like me, I can tell you with a strong degree of confidence that "we" don't let it slide.

********. Your "very experienced" solicitor needs to go back to school and read your loan contract (in that order). Creating a wrap arrangement and, therefore, an equitable interest in the property, is a breach of your loan agreement and entitles the lender to require immediate repayment.