Realisation of equitable charges

(1) Where a freehold or leasehold is subject to an equitable mortgage, which has been converted into a charge by way of legal mortgage, and the mortgagee has become entitled to recover any mortgage money, the court may make an order for sale of the land in like manner and with the same effect as in the case of a legal mortgage of freehold or leasehold. (2) Where such an order for sale has been made, the court may authorise the Registrar to sell the land or the leasehold and to transfer the land or assign the lease, but without prejudice to any encumbrance having priority to the equitable mortgage before its conversion, unless the encumbrancer consents to the sale.