SCHEDULES
SCHEDULE 7PROVISIONS RELATING TO CHARGES ON REGISTERED LAND
PART IGENERAL PROVISIONS
Effect of registration of ownership of charge
5
1
On registration of an owner of a charge on registered land for the payment of any principal sum of money, with or without interest, the owner of the charge shall have all the rights and powers of a mortgagee under a mortgage by deed within the meaning of the Conveyancing Acts, including the power to sell the estate which is subject to the charge, and any deed creating such a charge shall be liable to stamp duty as if it were such a mortgage.
2
The registered owner of a charge may apply to the court for the possession of the registered land, the subject of the charge, or any part of that land, and—
a
on such application, the court may, subject to sub-paragraph (3), order the possession of the land, or that part thereof, to be delivered to him; and
b
upon so obtaining possession of the land or, as the case may be, that part thereof, he shall be deemed to be a mortgagee in possession.
3
The power conferred on the court by sub-paragraph (2) shall not be exercised—
a
except when payment of the principal sum of money secured by the deed of charge has become due and the court thinks it proper to exercise the power; or
b
unless the court is satisfied that, although payment of the principal sum has not become due, there are urgent and special reasons for exercising the power.
6
If the registered owner of a charge on land sells the land in pursuance of any of his powers, his transferee shall be registered as owner of the land, and thereupon the registration shall have the same effect as registration of a transfer for valuable consideration by a registered owner.
7
When a purchaser from the registered owner of a charge is registered, under paragraph 6, as owner of the land, the charge and all estates inferior thereto shall, subject to paragraph 8, be discharged.
8
Nothing in paragraph 7 shall operate so as to discharge any entry made or deemed to have been made in any register relating to a right of turbary conferred or defined by regulations under section 4 of the Turbary (Ireland) Act 1891 [1891 c.45] , or under section 21 of the Irish Land Act 1903 [1903 c.37] , as extended by section 26 of the Northern Ireland Land Act 1925 [1925 c.34] (which relate to turbary).
9
On registration of the owner of a charge by way of annuity, the owner of the charge shall have such remedies for recovering and compelling payment of the annuity as are mentioned in section 44 of the Conveyancing Act 1881 [1881 c.41] , as modified by section 6 of the Conveyancing Act 1911 [1911 c.37] .