As regards the recovery or preservation of the mortgaged property, the mortgagee may be entitled to bring proceedings against third persons either by virtue of his immediate legal estate in the property, or of his possession or immediate right to possession. In relation to tenancies granted on or after 1 January 19961, a mortgagee in possession can enforce any covenant or any right of re-entry enforceable by the mortgagor2. In relation to land, the mortgagor retains a legal estate and while in possession has the statutory right
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