A man owns an unregistered freehold property. In January, he borrows £50,000 from Lender A and deposits his title deeds as security, creating an equitable mortgage. In February, he borrows £100,000 from Lender B and grants a legal mortgage by deed under s.85 LPA 1925, which Lender B registers as a C(i) land charge under the Land Charges Act 1972. The man defaults on both loans. The property is sold for £120,000. Lender A claims priority as the first mortgage created. Lender B claims priority as the holder of a registered legal charge.