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113.—(1) An application to register an instrument varying the terms of a registered charge must be made—
(a)by, or with the consent of, the proprietor of the registered charge and the proprietor of the estate charged, and
(b)with the consent of the proprietor, or a person entitled to be registered as proprietor, of every other registered charge of equal or inferior priority that is prejudicially affected by the variation,
but no such consent is required from a person who has executed the instrument.
(2) The registrar may accept a conveyancer’s certificate confirming that the conveyancer holds any necessary consents.
(3) If the registrar is satisfied that the proprietor of any other registered charge of equal or inferior priority to the varied charge that is prejudicially affected by the variation is bound by it, he shall make a note of the variation in the register.
(4) If the registrar is not so satisfied, he may make an entry in the register that an instrument which is expressed to vary the terms of the registered charge has been entered into.
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