Law of Property Act 1922

SPECIMEN No. 5 OF THE TITLE OF GEORGE SMITH TO HOUSES IN JOHN STREET.RELATING To LEASEHOLD PROPERTY.

25th March 1911.

Lease by Charles Robinson to Henry Chubb, of 10 to 16 (even numbers) John Street, in the city of X, for 99 years from date at a yearly rent of 5l. for each house.

26th March 1911.

First Mortgage (by subdemise) by Henry Chubb to A. for the residue of the term less 3 days for securing 3,000l. and interest. Declaration by Henry Chubb that he holds the head term in trust for A. subject to redemption.

Same date.

Second Mortgage (by subdemise) to B. for the residue of the term less 2 days for securing 1,000L and interest. Declaration by Henry Chubb that (subject to the First Mortgage) he holds the head term in trust for B. subject to redemption.

Same date.

Third Mortgage (by subdemise) to C. for residue of term less 1 day for securing 500l. and interest.

24th December 1914.

Transfer of First Mortgage by A. to T. in trust for Henry Chubb, who pays off the First Mortgage debt.

1st January 1925.

The Law of Property Act, 1922, comes into operation.

It extinguishes the first mortgage term, because Henry Chubb was not entitled to keep it alive to the prejudice of his mesne incumbrancers.

1st July 1925.

Order of Court directing Henry Chubb to hand over the Lease, First Mortgage, and Transfer of that Mortgage to B.

20th July 1925.

Assignment on sale by B., under his power, to George Smith.

[NOTE.—This conveys the head term created by the Lease and extinguishes all the mortgage terms. The head term may, if desired, be conveyed in the name of Henry Chubb.]