[151B Mortgage for securing redemption of landlord's share]
Housing Act 1985 (1985 c 68) | Legislation

[151B  Mortgage for securing redemption of landlord's share]

[(1)     The liability that may arise under the covenant required by paragraph 1 of Schedule 6A (covenant for the redemption of the landlord's share in the circumstances there mentioned) shall be secured by a mortgage.

(2)     Subject to subsections (3) and (4), the mortgage shall have priority immediately after any legal charge securing an amount advanced to the secure tenant by an approved lending institution for the purpose of enabling him to exercise the right to acquire on rent to mortgage terms.

(3)     The following, namely—

(a)     any advance which is made otherwise than for the purpose mentioned in subsection (2) and is secured by a legal charge having priority to the mortgage, and

(b)     any further advance which is so secured,

shall rank in priority to the mortgage if, and only if, the landlord by written notice served

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