Renewable Leasehold Conversion Act 1849
| Jurisdiction | UK Non-devolved |
(12 & 13 Vict.) C A P. CV.
[1st August 1849]
'WHEREAS many Lands inIreland are held under Leases and Under-leases respectively with Covenants for perpetual Renewal, and great Expense is constantly incurred in procuring Renewals under such Covenants, and much Litigation and Inconvenience arise from such Tenures; and it is expedient that such Tenures should be converted, in manner herein-after provided, into Tenures in Fee, and that, except as herein excepted, all Leases and Under-leases of Lands in Ireland , with Covenants for perpetual Renewal, granted or made after the passing of this Act should operate and take effect in manner herein-after mentioned:' Be it therefore enacted by the Queen's most Excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Parliamentassembled, and by the Authority of the same, That where Lands inIreland are held under any Lease in Perpetuity the Owner of such Lease in Perpetuity, at any Time after the passing of this Act, 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, at any Time after the passing of this Act, 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-leas is derived, or the Owner of the Estate of Inheritance which may have been granted in respect of he 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 Grantto 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.
II Amount of Fee-farm Rent.
II. And be it enacted, That the Fee-farm Rent to be made payable by every such Grant as aforesaid shall, where the Lease or Under-lease (as the Case may be) to the Owner of which the Grant is made is renewable without Fine, or upon Payment of a Peppercorn or other merely nominal Fine of like Nature, be of the like Amount as the yearly Rent made payable by such Lease or Under-lease, and shall, where such Lease or Under-lease is renewable upon Payment of a Fine or Fines not merely nominal, be of an Amount equal to the aggregate Amount of the yearly Rent made payable by such Lease or Under-lease, and the Value of the Renewal Fine or Fines and Fees (if any), such Value to be estimated or computed with regard to the probable Duration of the subsisting Term, the average Duration of Life, and the respective Periods for Renewal, but without regard to and exclusively of any penal Rents or Sums made payable upon Neglect, Delay, or Refusal to apply for or take Renewal, and to be ascertained as herein-after mentioned if the Parties differ about the same.
III Lessee or Under-lessee may require Exceptions, &c. interfering with Cultivation to be commuted.
III. And be it enacted, That where any subsisting Exception or Reservation contained in the Lease or Under-lease in Perpetuity by the Owner of which a Grant is required as aforesaid, or any Right under Covenant or otherwise annexed or belonging to the Reversion or Estate from the Owner of which a Grant is required, interferes with the proper Cultivation of the Lands comprised in such Lease or Under-lease, the Owner of such Lease or Under-lease requiring such Grant as aforesaid may (if he think fit) require that such Exception, Reservation, or Right should cease, wholly or partially, and in such Case the Grant shall be modified accordingly, and the Fee-farm Rent to be made payable by such Grant shall be increased by such an Amount as is equivalent to the Value of such Exception, Reservation, or Right, in so far as it is made to cease as aforesaid, such Amount to be ascertained in manner herein-after mentioned, in case the Parties differ about the same.
IV Certain Rights not to be commuted but with Consent.
IV. Provided always, and be it enacted, That where any Right to Timber, Timber Trees or other Trees, Woods, Underwood, or under-ground Woods, Bogs, Mosses, Turbaries, Mines, Minerals, Quarries, or Royalties, whether under express Exception or Reservation contained in the Lease or Under-lease in Perpetuity or otherwise, is annexed to or belongs to the Reversion or Estate from the Owner of which a Grant is required, it shall not be lawful for the Owner of the Lease or Under-lease in Perpetuity requiring the Grant to require that such Right should cease, either wholly or partially, but in every such Case the Owner of the Reversion or Estate from the Owner of which the Grant is required and the Owner of the Lease or Under-lease requiring the Grant may agree that such Right should cease or pass under the Grant, either wholly or partially, and in such Case the Grant shall be modified accordingly, and the yearly Fee-farm Rent to be made payable by such Grant shall be increased by such an Amount as is equivalent to the Value of such Right, so far as it is made to cease or pass as aforesaid.
V Compensation where there is a Loss on the Conversion of the Reversion into a Rent.
V. Provided also, and be it enacted, 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...
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