Landlord and Tenant (Reversionary Leases) Act, 1958
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Leases deemed to be building leases. |
5.— The following leases shall, if they comply with the conditions specified in subsection (2) (other than paragraph (d)) of section 4 of this Act, be deemed to be building leases: | |
(a) a lease granted by a lessor to the nominee of a person (in this paragraph referred to as the builder) to whom land was demised for the purpose of erecting buildings thereon in pursuance of an agreement between the lessor and the builder that the builder, having contracted to sell the buildings, would surrender his lease in consideration of the lessor granting new leases to the builder's nominees; and | ||
(b) a lease granted by a lessor to the nominee of a person (in this paragraph referred to as the builder) in pursuance of an agreement between the lessor and the builder that the lessor, upon the erection of the buildings by the builder, would grant leases to the builder's nominees. |