Law of Property (Amendment) Act 1924

Leasing powers, &c.

18 (1) In the case of mortgages made after the commencement of the principal Act, leases may be made under section eighteen of the Conveyancing Act, 1881 :—

(a) As to agricultural or occupation leases for any term not exceeding fifty years ;

(b) As to building leases for any term not exceeding nine hundred and ninety-nine years.

(2) A mortgagor or mortgagee may by agreement in writing, whether or not contained in the mortgage deed, reserve or confer on the mortgagor or mortgagee or both "any further or other powers relating to leasing or the surrender of leases; and any further or other powers shall take effect in like manner as the statutory powers and with all the like incidents effects and consequences :

Provided that the powers so reserved or conferred shall not prejudicially affect the rights of any mortgagee interested under any other mortgage subsisting at the date of the agreement, unless that mortgagee joins in or adopts the agreement.

(3) A mortgagee may delegate his powers to lease or to accept surrenders of leases to a receiver appointed by him under the statutory power, and, when directed by a mortgagee to insure, the receiver may insure to the extent to which the mortgagee (if at all) might have insured.