Mortgagee’s power of sale without order of court

(1) Where, by virtue of section 68 (3) of this Act, the mortgage deed provides that when the mortgage money has become due the mortgagee shall have a power without any order of the Court to sell or to concur with any other person in selling the mortgaged property, or any part thereof, either subject to prior charges or not, and either together or in lots, by 48 public auction or by private contract, subject to such conditions respecting title, or evidence of title, or other matter, as the mortgagee thinks fit, with power to vary any contract for sale, and to buy in at an auction, or to rescind any contract for sale, and to resell without being answerable for any loss occasioned thereby, the mortgagee may exercise such power without applying to the court for an order for the sale of the mortgaged (2) Where an estate in fee simple has been mortgaged by the creation of a charge by way of legal mortgage and the mortgagee sells under the power of sale conferred by this (a) the conveyance or transfer by him shall operate to vest in the purchaser the fee simple in the land conveyed or transferred subject to any legal mortgage having priority to the mortgage in right of which the sale is made and to any money thereby secured, and thereupon; (b) the charge by way of legal mortgage and any subsequent charges shall merge or be extinguished as respects the land conveyed or transferred, and such conveyance or transfer may, as respects the fee simple, be made in the name of the estate owner in whom it is (3) Where a term of years absolute has been mortgaged by the creation of a charge by way of legal mortgage and the mortgagee sells under the power of sale conferred by this (a) the conveyance or transfer by him shall operate to convey or transfer to the purchaser (unless expressly excepted with the leave of 49 the court) the leasehold reversion affected by the mortgage, subject to any legal mortgage having priority to the mortgage in right of which the sale is made and to any money thereby secured and thereupon; (b) the charge by way of legal mortgage and any subsequent charge shall be extinguished unless excepted as aforesaid, and such conveyance or transfer may, as respects the leasehold reversion, be made in the name of the estate owner in whom it is vested. (4) Where a licence to assign is required on a sale by a mortgagee, such licence shall not be unreasonably withheld. (5) Where the Registrar is satisfied that a transfer of registered land under this section vesting the freehold or leasehold in the purchaser of mortgaged property has been duly made in accordance with this Act, he shall give effect thereto and issue the necessary transfer certificate of title as if an application therefore together with all the necessary documents had been presented to him in accordance with the General Registry Rules.