(l) Land Transfer Rules (1903), r. 70, as amended by L. T. R. (1908), IV. The conditions required to entitle a person to make such an application are the same as in the case of freehold land (above, p. 382, n. (f), except that for an estate in fee simple there is substituted any leasehold land held under a lease which is either immediately or mediately derived out of land of freehold tenure and is for or determinable on a life or lives or for a term of years of which more than twenty-one are unexpired: but a term created for mortgage purposes is not to be deemed a lease within the meaning of these provisions, and nothing in the Land Transfer Act, 1897, is to render compulsory the registration of the title to a lease having less than forty years to run or two lives yet to fall in: stats. 38 & 39 Vict. c. 87, ss. 2, 11; 60 & 61 Vict. c. 65, SB. 14, 24, and First Schedule;

Land Transfer Rules (1903), 51 - 67: L. T. R. (1908), I. 18, II., III.: Wms. Real Prop. 636, 21st ed.

Is not capable of registration under the Land Transfer Acts (m), so that the above provisions do not affect the grant of such a terra. And it appears that they do not affect an assignment on sale of a term originally created for mortgage purposes, for the "assignment" mentioned therein must confer or complete a title under which an application for registration as first proprietor of leasehold land may be made, and the owner of a term created for mortgage purposes is not entitled to make such an application. Here it may be noticed that the exact scope of the expression "term created for mortgage purposes" is doubtful. It certainly includes the term created on a mortgage of leaseholds by demise, but it is questionable whether it extends to a term limited by a settlement to trustees on the usual trusts to raise portions for younger children, such trusts being to raise the portions not only by mortgage, but also by sale of timber or minerals, or out of the rents and profits, or by any other reasonable means (n). If on the purchase of land situate in a district where registration is compulsory, title be deduced under a conveyance on sale, or a grant or an assignment of a lease, which is affected by the above provisions, it must be ascertained that the purchaser, lessee, or assignee, was duly registered as proprietor of the land, or the legal estate must be required to be got in from the vendor, lessor, or assignor or his representatives, and the title thereto required to be deduced accordingly. And if the land should not have been registered since registration was made compulsory in the district, it must be remembered that the purchaser must himself be registered as proprietor of the land before he can acquire the legal estate on completion of the purchase. The expense of such registration will apparently fall on the purchaser, in the absence of special stipulation, under the general principle that the purchaser must bear the expense of the conveyance to himself of the property sold (o). It appears, however, that in the absence of stipulation it is the vendor's duty to procure the purchaser to be registered as proprietor; for the general rule is that the vendor must make the conveyance - i.e.. do all acts necessary to pass the legal estate - though the purchaser must pay for the conveyance (p); and in the present case the legal estate cannot pass until registration. For the same reasons, it does not appear that the vendor can claim payment of the purchase money before the purchaser's registration, the rule being that payment can only be demanded on conveyance of the estate (])). When unregistered land situate in a compulsory district is sold, the vendor generally desires that the purchase money shall be paid on the execution by him of a deed of conveyance in the old form, which, of course, only passes an equitable estate to the purchaser, and that the purchaser shall then complete his title by registering himself. But to obtain this it appears necessary to make special stipulations to that effect in the contract for sale. It is also desirable, in the vendor's interest, to stipulate that the purchaser shall procure the registration of the title within a specified time, in order that the legal estate and any liabilities attached to the legal ownership of the land may not remain outstanding in the vendor for an indefinite period. This is especially necessary where the vendor of leasehold land situate in a compulsory registration district is himself an assignee of the lease, under which the property is held; as he remains subject to the rent and covenants of the lease until he has parted with the legal estate in the term granted (q). Forms of the special stipulations appropriate on the sale by auction of unregistered land situate in a compulsory registration district are given in the Appendix (r). The purchaser of such land may lodge at the Office of Land Registry a priority notice in favour of his application to be registered as first proprietor thereof; and if within fourteen days after the lodgment of the notice, or such further time as the registrar shall think fit, an application shall be made in accordance with the notice and accompanied by the official acknowledgment of the notice, it will be dealt with in priority to any other application affecting the same land which may have been made in the meantime (s). Where a purchaser of unregistered land situate in a compulsory registration district desires to make an immediate disposition thereof by way of registered transfer or charge, he is under the Land Transfer Rules (1903) (t) enabled to do so before he is himself registered as proprietor: but a question has been raised whether such a transfer or charge will convey any legal estate or interest if the purchaser be not himself registered as proprietor of the land (u). It appears, therefore, that any one who proposes to take a registered transfer or charge from such a purchaser should insist on the purchaser being registered as proprietor before the intended transfer or charge is completed; and this is especially necessary where the registration of the proprietorship of the land is to be made with possessory title only. The subject of the purchase to be followed by an immediate mortgage of unregistered land, which is situated in a compulsory registration district, is considered in the chapter on the sale of registered land (x).