This is a 1981 HL case which reverses the previous COA decision with regards to land charges and unregistered land. Richard explains how legal rights on unregistered land bind third-party purchasers, but equitable rights can be defeated by a bona fide purchaser for a value of a legal estate without notice as long as you pay some consideration, and if you don't have notice of your rights then you are not bound by them. Since 1926, your commercial equitable rights should be protected by land charges - this case is about what happens if your rights are not protected by land charges, even if you know about them.
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