Part 7

Charity land

Restrictions on mortgages of land in England and Wales

Mortgages of charity land and land registration
126
1
Where the mortgage referred to in section 125(1) will be a registrable disposition, the statement required by section 125(1) must be in such form as may be prescribed by land registration rules.
2
Where any such mortgage will be one to which section 4(1)(g) of the Land Registration Act 2002 applies—
a
the statement required by section 125(1) must be in such form as may be prescribed by land registration rules, and
b
if the charity is not an exempt charity, the mortgage must also contain a statement, in such form as may be prescribed by land registration rules, that the restrictions on disposition imposed by sections 117 to 121 apply to the land (subject to section 117(3)).
3
Where—
a
the registrar approves an application for registration of a person's title to land in connection with such a mortgage as is mentioned in subsection (2),
b
the mortgage contains statements complying with section 125(1) and subsection (2), and
c
the charity is not an exempt charity,
the registrar must enter in the register a restriction reflecting the limitation under sections 117 to 121 on subsequent disposal.
4
Subsections (3) and (4) of section 123 (removal of entry) apply in relation to any restriction entered under subsection (3) as they apply in relation to any restriction entered under section 123(2).