Article 5 Valuation (charges)
Where the amount of a charge falls to be determined under this Order it shall be taken to be:
in the case of a fixed charge, the amount secured by the charge;
in the case of a charge to secure further advances, where the total amount of the advances or of the money to be owing at any one time is in any way limited, the amount so limited;
in the case of a charge to secure further advances, where the total amount of the advances or of the money to be owing at any one time is in no way limited, an amount equal to the value of the registered land comprised in the charge after deducting therefrom the amount secured on it by any prior registered charge.
Where a charge of a kind referred to in paragraph (1)(a) or (1)(b) is secured on unregistered land or other property as well as on registered land, the fee in accordance with article 2(5) shall be payable on an amount calculated in accordance with the following formula:
The fee in accordance with Scale A in Schedule 1 for the registration of a charge by way of additional or substituted security or by way of guarantee shall be payable on the lesser of:
the amount secured or guaranteed; or
the value of the land after deducting the amount secured on the land by any prior registered charge.