366. Manner of transfer of mortgage.

366.     Manner of transfer of mortgage.

A transfer of a mortgage is usually made by deed, and this is essential in order to pass the mortgagee's legal estate in unregistered1 freehold or leasehold property2, or to obtain the benefit of provisions as to the operation of transfers contained in the Law of Property Act 19253. As regards the mortgage debt, however, an assignment under hand only is effectual, notwithstanding that it was created by deed4; and an assignment under hand is effectual to pass any equitable interest in property which is vested