Realisation of freehold mortgages

(1) Where the mortgagee has obtained an order for sale of any mortgaged property, (a) the order shall operate to authorise the Registrar to sell and transfer the land to, and vest the fee simple therein in, any purchaser thereof, subject to any legal mortgage having priority to the mortgage in right of which the sale is made and to any money thereby secured; (b) the charge by way of legal mortgage in satisfaction of which the sale is made and every mortgage charge subsequent thereto shall, upon the transfer of the land to any purchaser, be extinguished. (2) Where the mortgage includes fixtures or chattels personal any right to sell shall extend to the absolute or other interest therein affected by the charge.