SCHEDULES

SCHEDULE 20 Assistance by Way of Repurchase

Part III Supplementary Provisions

Conveyance frees interest acquired from relevant charges

12

1

The conveyance is effective—

a

to discharge the interest acquired from any relevant charge,

b

to discharge the interest acquired from the operation of any order made by a court for the enforcement of such a charge, and

c

to extinguish any term of years created for the purposes of such a charge,

without the persons entitled to or interested in such a charge, order or term of years becoming parties to or executing the conveyance.

2

The effect of this paragraph is restricted to discharging the interest acquired from the charge and does not affect personal liabilities.

3

This paragraph does not prevent a person from joining in the conveyance for the purpose of discharging the interest acquired from a charge.

4

The operation of this paragraph is subject to paragraph 14 (effect of failure to apply purchase price in or towards satisfaction of charge).