# Law of Property Act 1925, Paragraph 4


If a sub-mortgage by conveyance of the fee simple is subsisting immediately before the commencement of this Act, the principal mortgagee shall take the principal term created by paragraphs 1 or 2 of this Part of this Schedule (as the case may require) and the sub-mortgagee shall take a derivative term less by one day than the term so created, without impeachment of waste, subject to a provision for cesser corresponding to the right of redemption subsisting under the sub-mortgage.

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Source: https://www.legislation.gov.uk/ukpga/Geo5/15-16/20/schedule/FIRST/part/VII/paragraph/4 (the official version)
Page: https://openlegislation.uk/law-of-property-act-1925/schedule-FIRST/part-VII/paragraph-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.