104Obligation to transfer instead of discharging mortgage

104 Obligation to transfer instead of discharging mortgage (1) If a mortgagor is entitled to redeem, the mortgagor has power to require the mortgagee, instead of discharging, to transfer the mortgage to a third person (as the mortgagor directs) on the terms on which the mortgagee would be bound to discharge. Law of Property Act 2000 68 (2) The mortgagee must comply with the requirement of the mortgagor. (3) The right of the mortgagor conferred by this section belongs to and is capable of being enforced by each mortgagee or the mortgagor despite any intermediate mortgage, but a requisition of a mortgagee prevails over a requisition of the mortgagor and a requisition of a prior mortgagee prevails over a requisition of a subsequent (4) This section does not apply: (a) in the case of a mortgagee being or having been in possession; or (b) in the case of a mortgage which contains: (i) a valid and enforceable covenant or condition in favour of the mortgagee in restraint of the trade or business of the mortgagor; or (ii) any other collateral benefit or advantage in favour of the (5) This section: (b) has effect despite any term of a mortgage to the contrary.