Section 178 — Property Law Act 2007: Powers incidental to power of sale

178 Powers incidental to power of sale (1) If, under a mortgage and subpart 5 , a mortgagee or receiver becomes entitled to exercise a power to sell mortgaged property, the sale— (a) may relate to the whole or any part of the property: (b) may be subject to, or free of, any mortgage or other encumbrance having priority over the mortgagee’s mortgage: (c) may be in one lot or in separate lots: (d) in the case of mortgaged land, may be by way of subdivision or otherwise: (e) may, except in the case of a sale of land through the Registrar under section 187 , be by public auction or by private contract: (f) may, except in the case of a sale of land through the Registrar under section 187 , be with or without reserve: (g) may be for a purchase price payable in one sum or by instalments: (h) may be subject to any other conditions that the mortgagee or receiver thinks fit. (2) The mortgagee or receiver may cancel a contract for the sale of the mortgaged property and resell the property without being liable for any loss on resale. (3) Subsection (2) is subject to section 19 of the Receiverships Act 1993 or section 176(1) , as the case requires. Compare: Law of Property Act 1925, 15 Geo 5, c 20 s 101 (UK)