Part I Discharge in Pursuance of Purchase Notices
Landlord and Tenant Act 1987 (1987 c 31) | Legislation

SCHEDULE 1 Discharge of Mortgages Etc: Supplementary Provisions

Section 12

Part I Discharge in Pursuance of Purchase Notices

Construction

1

In this Part of this Schedule—

“the consideration payable†means the consideration payable to [the purchaser] for the disposal by him of the property referred to in [section 12B(7)];

[“the purchaserâ€] has the same meaning as in section 12, and accordingly includes any person to whom that section applies by virtue of [section 16(4) or (5)]; and

“the nominated person†means the person or persons nominated as mentioned in [section 12B(2)].

Duty of nominated person to redeem mortgages

2

(1)     Where in accordance with [section 12B(5)(a)] an instrument will operate to discharge any property from a charge to secure the payment of money, it shall be the duty of the nominated person to apply the consideration payable, in the first instance, in or towards the redemption of any such charge (and, if there are more than one, then according to their priorities).

(2)     Where sub-paragraph (1) applies to any charge or charges, then if (and only if) the consideration payable is applied by the nominated person in accordance with that sub-paragraph or paid into court

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