The lender would struggle to make an argument here as they failed to inquire about the possibility of Troy having an interest in the property

He started to make loan repayments so implicitly surrendered the priority of his interest in the property

As Troy was not a registered proprietor, priority would be given to the lender’s interest by default

Troy voluntarily left the property and was, therefore, not in actual occupation at the time the charge was created, so they did not need to inquire about any other interest holder