Earl of St Germans and Another v Barker and Another    Mortgage – Leaseholds mortgaged by subdemise – No trust of nominal reversion – Equity of
redemption statute-barred before 1926 – Transitional provisions – Privity of estate between
lessor and mortgagee – Law of Property Act 1925 (c 20) s 89(3) Sched I Part II para 3.
Prior to 1926 the equity of redemption of leaseholds, which had been mortgaged by
subdemise without any trust of the nominal reversion, became statute-barred. The mortgagees
did not after 1925 execute a declaration that the head term had become vested in them under
Law of Property Act 1925 s 89(3). Upon the expiration of the lease, the reversioners sought
to make the mortgagees liable upon the repair covenant in the lease, on the ground that the
whole term had automatically vested in them under the transitional provisions of the Law of
Property Act 1925:—