Renewable Leasehold Conversion Act 1849
RENEWABLE LEASEHOLD CONVERSION ACT 1849 | ||
CAP. CV. | ||
An Act for converting the renewable Leasehold Tenure of Lands in Ireland into a Tenure in Fee. [1st August 1849.] | ||
Reversioner,&c. to execute Grants in Fee-farm when required by Lessee or Under-lessee in Perpetuity. | ||
Grant not to be required where Right of Renewal is lost. | ||
Notice of the Dispute of the Right to be given. | ||
‘WHEREAS many Lands in Ireland 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 Parliament assembled, and by the Authority of the same, That where Lands in Ireland 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-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: 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. |