The Registrar shall, on the application of any person who is entitled to an estate or interest in any settled property pursuant to an order of a Court made under section 5 of the Matrimonial Property Act 1963 or Part VIII of the Matrimonial Proceedings Act 1963, cancel the settlement of that property in any case where cancellation is necessary to give full effect to the order.

Notwithstanding section 11 of this Act, the property in any settlement which is cancelled under subsection (2a) of this section shall vest in the person or persons entitled to any estate or interest in it pursuant to the order made by the Court to the extent of the estate or interest specified in that order. A vesting under this subsection shall not affect any mortgage, charge, or encumbrance over the property at the time of cancellation.

Upon the cancellation under subsection (2a) of this section of a settlement of any property, the Registrar shall make such entries in his register and do all such other things as may be necessary to give effect to subsection (2b) of this section.”