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RENEWABLE LEASEHOLD CONVERSION ACT 1849 - SECT 5

Compensation where there is a loss to the owner of the reversion on the conversion thereof into a rent.

5. Provided also, that where the estate into which the reversion from the
owner of which a grant is required as aforesaid would be converted upon such
grant under the provisions herein-before contained would not afford full
compensation for the loss of such reversion, or of any power, benefit, or
advantage incident thereto, or exercised or enjoyed by or on behalf of the
owner thereof under any local or personal Act of Parliament, charter,
settlement, or otherwise, the owner of such reversion may require such loss to
be compensated by such an addition in respect thereof to the fee-farm rent to
be made payable under such grant, or, at the option of the owner of such
reversion, by the payment of such a gross sum of money, (the amount in either
case to be ascertained as herein-after mentioned, in case the parties differ
about the same,) as will afford a full compensation for such loss, to be
estimated according to the difference in marketable value; and where upon a
grant made or to be made under this Act to the owner of a lease in perpetuity
such addition or payment as aforesaid has been made or may be required to be
made, the owner of such lease, or of the estate into which the same has been
converted under this Act, upon being required to make a grant under this Act
to the owner of an under-lease in perpetuity derived out of such lease, may
require an addition to be made to the fee-farm rent to be made payable under
such last-mentioned grant, or the payment of a gross sum of money, of the like
or a proportionate amount (as the case may require); and in like manner, where
upon a grant made or to be made under this Act to the owner of any
under-lease in perpetuity an addition to the fee-farm rent payable under such
grant, or the payment of a gross sum of money, has been made or may be
required to be made under this provision, the owner of such under-lease, or of
the estate into which the same has been converted, may require an addition to
be made to the fee-farm rent to be made payable on any grant which he may be
required to execute to the owner of any inferior under-lease, or the payment
of a gross sum of money, of the like or a proportionate amount (as the case
may require).

© 1849 Crown Copyright

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