If you borrow money from a bank to buy a property, the bank will be entered in the land register. This gives the bank the right to foreclose on the property if you become insolvent and can no longer pay the installments.
For the bank, the land charge is the security that it will not be left without the property and with the costs in the worst case. This means that as long as you have not repaid the purchase price and interest rates in full, the property effectively belongs to the bank.
However, once the entire loan has been paid off, the land charge is cancelled and the property is yours for good.