Application of proceeds of sale
105 Application of proceeds of sale
If land is sold pursuant to a land sale order, the proceeds of sale are to be applied in the following order of priority—
in accordance with section 77(3)(a) of the Transfer of Land Act 1958, including—
the costs of the sale under this Part; and
any costs incurred by the Director in obtaining the recording of the land charge in the Register kept under the Transfer of Land Act 1958; and
the costs of the application to the Supreme Court for a land sale order;
to the payment of any money due or owing on an existing mortgage or charge;
to the payment of the registered fine;
to pay any amount remaining in accordance with section 77(3)(c) and (d) of the Transfer of Land Act 1958 as if a reference to "the mortgagor" in section 77(3)(d) were a reference to—
the person whose interest in land was subject to the land charge; and
if appropriate, any other person recorded in the Register kept under the Transfer of Land Act 1958 as having an interest in the land.
This Act’s bill:Explanatory memorandumSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.