Section 34(5)

In the case of an interest in land subject to a mortgage— any such compensation in respect of the depreciation of that interest is to be calculated as if the interest were not subject to the mortgage; a claim or application for the payment of any such compensation may be made by any person who when the byelaws giving rise to the compensation were made was the mortgagee of the interest, or by any person claiming under such a person, but without prejudice to the making of a claim or application by any other person; subject to sub-paragraph (d), a mortgagee is not entitled to any such compensation in respect of that mortgagee's interest as such; and any compensation payable in respect of the interest subject to the mortgage must be paid to the mortgagee or, where there is more than one mortgagee, to the first mortgagee, and must in either case be applied by the mortgagee as if it were proceeds of sale.

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Source: legislation.gov.uk · retrieved 2026-07-30