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RENEWABLE LEASEHOLD CONVERSION ACT 1849 - SECT 7

Grants to be valid against all parties;

7. From and after the execution of such grant to the owner of a
lease in perpetuity, or to the owner of an under-lease in perpetuity, as
aforesaid, such grant shall, where such grant is made to the owner of a
lease in perpetuity, bind all persons interested in the reversion and in such
lease, and all persons bound by such lease, and such reversion shall be
converted into an estate of inheritance in fee simple in the fee-farm rent
made payable by such grant, and the conditions, exceptions, and reservations
therein contained, and all rights annexed or belonging to such reversion saved
by and not commuted under this Act; and such grant shall, where such grant is
made to the owner of an under-lease in perpetuity, bind all persons interested
in the lease or superior under-lease, or the estate of inheritance granted in
respect thereof by the owner of which the grant is made, and in the
under-lease to the owner of which the grant is made, and all persons bound by
such under-lease; and the estate held under such lease or superior
under-lease, or such estate of inheritance as aforesaid, shall be converted
into an estate of inheritance in fee simple in the fee-farm rent made payable
by such grant, and the conditions, exceptions, and reservations therein
contained, and all rights annexed or belonging to the estate by the owner of
which such grant is made saved by and not commuted under this Act; and each
such estate of inheritance in fee simple as aforesaid shall be transmissible
and descendible in like manner as if the same were an estate of inheritance in
fee simple in reversion in the lands on which the fee-farm rent is charged by
the grant creating the same, having incident thereto the conditions,
exceptions, and reservations contained in the same grant, and such rights
respectively as aforesaid; and the estate of inheritance created under every
such grant as aforesaid in the lands comprised therein, save any part thereof
allocated in lieu of a fee-farm rent or any portion thereof, under the
provision herein contained, and the estate of inheritance so created as
aforesaid in the fee-farm rent made payable by such grant, and in any land so
allocated as aforesaid, shall from and after the execution of such grant be
respectively vested in the same persons, for the same estates and interests,
and be respectively subject to the same uses, trusts, provisoes, agreements,
and declarations, and be respectively charged with and subject to the same
charges, liens, judgments, incumbrances, and equities, as the estate held
under the lease or under-lease in perpetuity to the owner of which the grant
is made, and the reversion or estate by the owner of which the grant is made,
were respectively vested in, subject to, and charged with immediately before
their conversion into such respective estates of inheritance as aforesaid was
affected, or as near thereto as the different natures of the estates and the
circumstances of each case will admit; but all land allocated as aforesaid
shall remain subject to all demises and tenancies inferior in tenure to the
lease or under-lease by the owner of which such land may have been so
allocated.

© 1849 Crown Copyright

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