SCHEDULES

FIRST SCHEDULE E+W Transitional Provisions

Modifications etc. (not altering text)

C1 Sch. 1 amended by S.I. 1990/776, art. 4(1)(b); and (1.1.1997) by 1996 c. 47, s. 5(1), Sch. 2 para.7 (with ss. 24(2), 25(4)); S.I. 1996/2974, art. 2

Part VIII E+W Conversion of existing Leasehold Mortgages into Mortgages by subdemise

3 E+WThe term of years absolute which was assigned by any such mortgage shall, from and after the commencement of this Act, vest in the mortgagor or tenant for life, statutory owner, trustee for sale, personal representative, or other person of full age who, if all the money owing on the security of the mortgage and all other mortgages or charges, if any, had been discharged at the commencement of this Act, would have been entitled to have the term assigned or surrendered to him, but subject to any derivative mortgage term created by this Part of this Schedule or otherwise and to the money secured by any such mortgage or charge.