(1)Any person interested in any registered land may, on producing an affidavit in such form as may be prescribed specifying his estate in the land, lodge a caution with the Registrar to the effect thatF1no dealing with the land on the part of the registered owner should be registered until notice has been served on the cautioner.
(2)Upon the lodgment of a caution under subsection (1), the Registrar shall not, without the consent of the cautioner,F2register any dealing on the part of the registered owner of the estate until the Registrar has served notice on the cautioner warning him that his caution will lapse after the expiration of such time as may be prescribed.
(3)After the expiration of that time, the caution shall lapse unless an order to the contrary is made by the Registrar, and, on the caution so lapsing,F3the dealing may be registered as if the caution had not been lodged.
(4)If, before the expiration of that time, the cautioner, or some other person on his behalf, appears and gives, if so required by the Registrar, sufficient security to indemnify every person against any damage that may be sustained by reason of the dealing being delayed, the Registrar may delay registering anyF4dealing for such further period as he thinks just.
(5)If any person lodges a caution under this section without reasonable cause, he shall be liable to make compensation, recoverable as a simple contract debt, to any person damaged thereby.
(6)In the case of a caution lodged under this section by a Government department or by a public or local body, the Registrar may accept a certificate, in such form as may be prescribed, instead of an affidavit.
(7)Land Registry Rules may provide for the application of the provisions of this section, subject to such modifications as may be prescribed, to cautions against reclassification of any registered land.