Property Law Act 1958

A deed executed by a mortgagee purporting to transfer his mortgage or the benefit thereof shall, unless a contrary intention is therein expressed, and subject to any provisions therein contained, operate to transfer to the transferee—

the right to demand, sue for, recover and give receipts for, the mortgage money or the unpaid part thereof, and the interest then due (if any) and thenceforth to become due thereon; and

the benefit of all securities for the same, and the benefit of and the right to sue on all covenants with the mortgagee, and the right to exercise all powers of the mortgagee; and

all the estate and interest in the mortgaged property then vested in the mortgagee subject to redemption or cesser, but as to such estate and interest subject to the right of redemption then subsisting.

In this section transferee includes his personal representatives and assigns.

A transfer of mortgage may be made in the form contained in the Fifth Schedule of this Act with such variations and additions (if any) as the circumstances may require.

This section shall apply, whether the mortgage transferred was made before or after the commencement of this Act, and whether by way of statutory mortgage or not but shall apply only to transfers made after the thirty-first day of December One thousand nine hundred and eighteen.

This section shall not extend to a transfer of a bill of sale of chattels by way of security.