The following Restructuring & Insolvency Q&A provides comprehensive and up to date legal information covering:
By section 104 of the Law of Property Act 1925 (LPA 1925), a mortgagee exercising a power of sale may convey the property sold free from all estate, interests and rights to which the mortgage has priority, but subject to all estates, interests and rights which have priority to the mortgage. By LPA 1925, s 105 the proceeds of sale (after the costs of meeting any prior incumbrance, the costs of sale and discharge of the mortgage), are held on trust to be paid to the person entitled to the mortgaged property, which will be the successive encumbrancer (if any) in accordance with their priority.
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