Upon a proper tender being made to him, the mortgagee is bound to give a statutory receipt1, or, if appropriate, to execute a reconveyance2 to the mortgagor or other person entitled. If a reconveyance is required, the draft must be previously submitted to the mortgagee's solicitor for approval and the engrossment then left for execution
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Disposal and devolutionThe equity of redemption arises as soon as the mortgage is made. It is an interest in the land which the mortgagor can:•transfer, lease or mortgage inter vivos, or•by will (it passes on intestacy)No cloggingIt is a fundamental principle of a mortgage that there must be no clog
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