# Law of Property Act 1925, Paragraph 1


All leasehold land, which immediately before the commencement of this Act, was vested in a first or only mortgagee by way of assignment of a term of years absolute shall, from and after the commencement of this Act, vest in the first or only mortgagee for a term equal to the term assigned by the mortgage, less the last ten days thereof, but subject to a provision for cesser corresponding to the right of redemption which at such commencement was subsisting with respect to the term assigned.

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Source: https://www.legislation.gov.uk/ukpga/Geo5/15-16/20/schedule/FIRST/part/VIII/paragraph/1 (the official version)
Page: https://openlegislation.uk/law-of-property-act-1925/schedule-FIRST/part-VIII/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.