34.—(1) (a) Where a mortgagee of land has been in possession of any of the mortgaged land for a period of twelve years, no action to redeem the land of which the mortgagee has been so in possession shall thereafter be brought by the mortgagor or any person claiming through him.

(b) Paragraph (a) of this subsection does not apply in respect of a Welsh mortgage.

(2) Where a mortgagee of land under a Welsh mortgage which provides that the rents and profits are to be applied in reduction of the principal moneys and interest has been in possession of the land for a period of twelve years commencing on the date on which all the principal moneys and interest have been satisfied, no action to redeem the land shall thereafter be brought by the mortgagor or any person claiming through him.