Paragraph 1

Subject to paragraphs 2 and 3, every deed of charge by a registered owner shall be in the prescribed form or in such other form,. . . , as shall sufficiently charge the land and as shall not be calculated to mislead.

A document purporting to transfer or demise (whether or not subject to defeasance) a freehold or leasehold estate in registered land by way of mortgage shall so far only as it relates to such land be deemed to be a deed of charge of, respectively, that estate or the estate out of which the leasehold estate is purported to be demised, and shall not operate to vest any freehold or leasehold estate in the registered land in the person in whose favour the document is executed.