Part II England and Wales
Land Registration
26 Alteration of methods of protecting mortgages of registered land.
C11
The following section shall be substituted for section 106 of the M1Land Registration Act 1925 (which among other things provides that a mortgage by deed of registered land may be protected by means of a caution in a specially prescribed form and in no other way):—
106 Creation and protection of mortgages of registered land.
1
The proprietor of any registered land may, subject to any entry to the contrary on the register, mortgage, by deed or otherwise, the land or any part of it in any manner which would have been permissible if the land had not been registered and, subject to this section, with the like effect.
2
Unless and until the mortgage becomes a registered charge,—
a
it shall take effect only in equity, and
b
it shall be capable of being overridden as a minor interest unless it is protected as provided by subsection (3) below.
3
A mortgage which is not a registered charge may be protected on the register by—
a
a notice under section 49 of this Act,
b
any such other notice as may be prescribed, or
c
a caution under section 54 of this Act.
4
A mortgage which is not a registered charge shall devolve and may be transferred, discharged, surrendered or otherwise dealt with by the same instruments and in the same manner as if the land had not been registered.
2
The Chief Land Registrar may arrange for the conversion into a registered charge, in such circumstances and subject to such conditions as he may direct, of any mortgage protected by a caution in a specially prescribed form entered on the register before the coming into force of this section.