Point in time view as at 22/12/2004.
Building Societies Act 1986, Paragraph 1 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
[1(1)When all money intended to be secured by a mortgage given to a building society has been fully paid or discharged, the society may endorse on or annex to the mortgage one or other of the following—E+W+N.I.
(a)a receipt in the prescribed form signed by any person acting under the authority of the board of directors;
(b)a reconveyance of the mortgaged property to the mortgagor;
(c)a reconveyance of the mortgaged property to such person of full age, and on such trusts (if any), as the mortgagor may direct.
(2)Where in pursuance of sub-paragraph (1) above a receipt is endorsed on or annexed to a mortgage, not being a [F1charge or incumbrance registered under the M1Land Registration Act 1925] [F1registered charge (within the meaning of the Land Registration Act 2002)], the receipt shall operate in accordance with section 115(1), (3), (6) and (8) of the M2Law of Property Act 1925 (discharge of mortgages by receipt) in the like manner as a receipt which fulfils all the requirements of subsection (1) of that section.
(3)Section 115(9) of the Law of Property Act 1925 shall not apply to a receipt in the prescribed form endorsed or annexed by a building society in pursuance of sub-paragraph (1) above; and in the application of that subsection to a receipt so endorsed or annexed which is not in that form, the receipt shall be taken to be executed in the manner required by the statute relating to the society if it is signed as mentioned in sub-paragraph (1)(a) above.
(4)[F2The foregoing sub-paragraphs shall, in the case of a mortgage of registered land, have effect without prejudice to the operation of the Land Registration Act 1925 or any rules in force under it.]
(5)In this paragraph—
“mortgage” includes a further charge;
“the mortgagor”, in relation to a mortgage, means the person for the time being entitled to the equity of redemption; [F3and
“registered land” has the same meaning as in the Land Registration Act 1925.]
(6)This paragraph does not extend to Scotland.]
Textual Amendments
F1Words in Sch. 2A para. 1(2) substituted (E.W.) (13.10.2003) by Land Registration Act 2002 (c. 9), s. 136(2), Sch. 11 para. 19(2) (with s. 129); S.I. 2003/1725, art. 2(1)
F2Sch. 2A para. 1(4) repealed (E.W.) (13.10.2003) by Land Registration Act 2002 (c. 9), s. 136(2), Sch. 11 para. 19(3), Sch. 13 (with s. 129, Sch. 12 para. 1); S.I. 2003/1725, art. 2(1)
F3Words in Sch. 2A para. 1(5) repealed (E.W.) (13.10.2003) by Land Registration Act 2002 (c. 9), s. 136(2), Sch. 11 para. 19(4), Sch. 13 (with s. 129, Sch. 12 para. 1); S.I. 2003/1725, art. 2(1)
Marginal Citations
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