(1)Section 99 of the M1Law of Property Act 1925 (leasing powers of mortgagor and mortgagee in possession) shall be amended in accordance with subsections (2) and (3) below.
(2)At the beginning of subsection (13), there shall be inserted “ Subject to subsection (13A) below, ”.
(3)After that subsection, there shall be inserted—
“(13A)Subsection (13) of this section—
(a)shall not enable the application of any provision of this section to be excluded or restricted in relation to any mortgage of agricultural land made after 1st March 1948 but before 1st September 1995, and
(b)shall not enable the power to grant a lease of an agricultural holding to which, by virtue of section 4 of the Agricultural Tenancies Act 1995, the Agricultural Holdings Act 1986 will apply, to be excluded or restricted in relation to any mortgage of agricultural land made on or after 1st September 1995.
(13B)In subsection (13A) of this section—
“agricultural holding” has the same meaning as in the Agricultural Holdings Act 1986; and
“agricultural land” has the same meaning as in the Agriculture Act 1947.”
(4)Paragraph 12 of Schedule 14 to the Agricultural Holdings Act 1986 (which excludes the application of subsection (13) of section 99 of the M2Law of Property Act 1925 in relation to a mortgage of agricultural land and is superseded by the amendments made by subsections (1) to (3) above) shall cease to have effect.