Section 121L — Land Transfer Act 1952: Bringing down of mortgage on new licence

121L Bringing down of mortgage on new licence (1) Where— (a) A licence is subject to a registered mortgage; and (b) The licensee transfers or otherwise disposes of the shares to which the licence relates; and (c) The company, in consequence of the transfer or disposition, cancels or revokes or rescinds or accepts a surrender of the licence and issues a new licence for the same flat or office to the person acquiring those shares,— the licensee under the new licence may, on applying for registration of the new licence or for the registration of the cancellation, revocation, rescission, or surrender of the former licence, request the Registrar, in writing, to record against the new licence the mortgage registered against the former licence or, if there are more mortgages than one, such of them as the licensee specifies. (2) On the registration of the new licence, the Registrar must record against it the mortgage or mortgages specified in the request in the order of their registered priority, and in that event— (a) The new licence shall be deemed to be subject to the mortgage or mortgages; and (b) subpart 8 of Part 3 of the Property Law Act 2007 applies as if the licensee had acquired the licence by conveyance or transfer subject to the mortgage or mortgages recorded against it. (3) References in any mortgage or mortgages recorded against a new licence pursuant to this section to the licence or to the estate or interest of the licensee under it shall be deemed to be references to the new licence or, as the case may be, to the estate or interest of the licensee under it. Part 7A (comprising sections 121A to 121P) was inserted, as from 1 July 1994, by section 2 Land Transfer Amendment Act 1993 (1993 No 124). Section 121L(2)(b): amended, on 1 January 2008, by section 364(1) of the Property Law Act 2007 (2007 No 91).