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).