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RENEWABLE LEASEHOLD CONVERSION ACT 1849 - SECT 1

Conversion of leases in perpetuity into inheritances in fee simple.

1.] Where lands in Ireland are held under any lease in perpetuity, the owner
of such lease in perpetuity, and whether the time for renewal has or has not
arrived, may require the owner of the reversion to execute a grant, according
to the provisions of this Act, of the lands comprised in such lease; and the
owner of the reversion, upon being so required as aforesaid, shall execute a
grant to the owner of such lease of an estate of inheritance in fee simple in
such lands, subject to a perpetual yearly fee-farm rent, of such amount as
herein-after mentioned, to be charged upon such lands, and to be payable on
the same days and times as the yearly rent made payable by such lease, and
subject to the like covenants and conditions for securing the payment of such
fee-farm rent as are contained in such lease with respect to the rent thereby
reserved, and with and subject to such other covenants, conditions,
exceptions, and reservations, (save covenants to grant or to accept and take a
renewal of such lease, and such covenants, conditions, exceptions, and
reservations as may be commuted as herein-after mentioned) as are contained in
such lease, and then subsisting; and where lands in Ireland are held under any
under-lease in perpetuity of any degree of tenure, the owner of such
under-lease, and whether the time for renewal has or has not arrived, may
require the owner of the lease or under-lease in perpetuity out of which such
first-mentioned under-lease is derived, or the owner of the estate of
inheritance which may have been granted in respect of the lease or under-lease
out of which such first-mentioned under-lease is derived, to execute a grant,
according to the provisions of this Act, of the lands comprised in such
first-mentioned under-lease; and the owner so required shall thereupon execute
a grant to the owner of such under-lease of an estate of inheritance in fee
simple in such lands, subject to a perpetual yearly fee-farm rent, of such
amount as herein-after mentioned, to be charged upon such lands, and to be
payable on the same days and times as the yearly rent made payable by such
under-lease, and subject to the like covenants and conditions for securing
such fee-farm rent as are contained in such under-lease with respect to the
rent thereby reserved, and subject to such other covenants, conditions,
exceptions, and reservations, (save covenants to grant or to accept and take a
renewal of such lease, and such covenants, conditions, exceptions and
reservations as may be commuted as herein-after mentioned) as are contained in
such under-lease, and then subsisting; and upon the delivery of every such
grant as aforesaid to the owner requiring the same, he shall execute and
deliver to the owner executing such grant a counterpart thereof; and the
expense of the preparation and execution of such grant and counterpart shall
be paid by the owner to whom the grant is made: Provided always, that the
owner required to make any such grant as aforesaid shall not be obliged to
execute such grant until, where the time for renewal of the lease or
under-lease by the owner of which the grant is required has not arrived, all
such arrears or sums, if any, of or in respect of rent as, if the time had
arrived for renewal of such lease or under-lease, and a bill had been filed
for the renewal thereof, would have been required by a court of equity to be
paid on such renewal, and where the time for renewal of such lease or
under-lease has arrived, or where there has not been a renewal of such lease
or under-lease at or after the time at which the same might have been last
renewed according to the covenant for renewal, all such arrears or sums, if
any, of or in respect of rent, and also all such fines and fees, if any, and
interest, as would have been required by a court of equity to be paid on
renewal of such lease or under-lease, are paid: Provided also, that no owner
required to execute any such grant as aforesaid shall be obliged to execute
such grant where the right of renewal is lost both at law and in equity; and
where any owner required to execute any such grant as aforesaid disputes the
right of the party requiring such grant to require the execution of such
grant, such owner shall, within one calendar month after he is so required as
aforesaid, serve on the person by whom such grant has been required a notice
in writing stating that the right to require such grant is disputed, and the
grounds on which such right is so disputed.

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