Now that we have established that an uncompleted transfer of the legal charge does not operate at law and does not serve to divest the right of possession from the lender, we can refer to the MORTGAGE SALE AGREEMENT between PREFERRED MORTGAGES LIMITED, SOUTHERN PACIFIC MORTGAGE LIMITED, EUROSAIL-UK 2007-6NC PLC and BNY CORPORATE TRUSTEE SERVICES LIMITED of 28 November 2007 (previously referred to in this thread as the 'A.N.OTHER Mortgage Sale Agreement 2007'. The question that now needs to be asked, is if this document proves that the transfer of the legal charge has been completed by registration, so that the transfer operates at law and does divest the lender of its right to possession. To ask this question we first must wrongly disregard the judgement of Paragon Finance Plc v Pender & Anor [2003] EWHC 2834 (Ch) (25 November 2003). Note: Since the above judgement the TR3 form - being the prescribed form to effect a transfer of a Legal Charge, has been replaced by the Land Registry with the TR4 form (effective from 1 October 2009). Page 13 Page 13 The above two extracts confirm that SPML and not Eurosail is or will become registered or recorded at the Land Registry as proprietor or owner of each Mortgage Pages 13/14 Page 14 The Mortgage Sale Agreement confirms that registration will not take place until a perfection event has occured. As the transfer will not be registered until such a time that a perfection event occurs the transfer is uncompleted - in otherwords it has not been completed by registration. Pender tells us that The Land Registration Act 2002 tells that Confirming that the uncompleted transfer detailed in the Mortgage Sale Agreement does not operate in law. To conclude The A.N.OTHER Mortgage Sale Agreement 2007 - confirms that the transfer has not and will not, until a perfection event occurs be completed by registration. Case Law (Pender and others) and Legislation (Land Registration Act 2002) - both confirm that an uncompleted transfer does not operate at law and does not serve to divest the lender of its right to possession. The A.N.OTHER Mortgage Sale Agreement therefore confirms that the legal ownership of the legal charge is retained by the lender and as such the lender has the right to possession. TR4.pdf SPML MSA.pdf

From the above post 'if the transfer of the mortgages is not completed by registration, the SPV acquires an equitable title to the mortgage but the transferor retains the legal title' In addition to the above extract we also have to consider the judgement's of the Court of Appeal case of Paragon Finance Plc v Pender & Anor [2005] EWCA Civ 760 (27 June 2005). We have to consider that as a Court of Appeal Judgement The above judgement which is binding on every lower court confirms As registered proprietor of the legal charge, the lender retains legal ownership An incident of legal ownership is the right to possession An uncompleted transfer does not operate at law to divest the lender of the right to possession. Now we have to consider on what basis does an uncompleted transfer (one that has not been completed by registration) not operate at law, resulting in the lender retaining legal ownership including the right of possession. The above Judgement is supported by legislation - being the Land Registration Act 2002 Both legislation and case law (being the judiciary interpretation of legislation) confirms that a transfer of a legal charge does not operate at law until it is completed by registration. It is logical to conclude that a transfer that has not been completed by registration is by definition uncompleted.The judgement from Pender confirms that an uncompleted transfer does not operate at law to divest the lender of the right to possession.

I am bemused that anyone would care what is fair or unfair to the likes of REFERRED MORTGAGES LIMITED, SOUTHERN PACIFIC MORTGAGE LIMITED, EUROSAIL-UK 2007-6NC PLC and the other Eurosail's, given their track record and dire reputation on CAG and how they reportedly treat their borrowers. I am sure SPML, SPPL and Eurosail are grateful for your concerns about what is fair to them. To refuse to post the Mortgage Sale Agreement because it would be unfair to them and only post certain edited extracts would appear to show the strength of your argument in a very bad light and made me wonder what could be in this Mortgage Sale Agreement that you might not want people to read themselves. Your real reasons not to post the Mortgage Sale Agreement became very clear, once I read it.

This would be from pages 53-55 of the MORTGAGE SALE AGREEMENT between PREFERRED MORTGAGES LIMITED, SOUTHERN PACIFIC MORTGAGE LIMITED, EUROSAIL-UK 2007-6NC PLC and BNY CORPORATE TRUSTEE SERVICES LIMITED of 28 November 2007 (or from another Eurosail 2007 MSA) SPML MSA.pdf

The above 'A.N.OTHER Mortgage Sale Agreement 2007' would appear to be the MORTGAGE SALE AGREEMENT between PREFERRED MORTGAGES LIMITED, SOUTHERN PACIFIC MORTGAGE LIMITED, EUROSAIL-UK 2007-6NC PLC and BNY CORPORATE TRUSTEE SERVICES LIMITED of 28 November 2007 (or from another Eurosail 2007 MSA) The above is from the bottom of page 2 and continues onto page 3 SPML MSA.pdf