Trustee Act 1936

Where a lease is vested in a trustee or in a trustee with others and the lease or the property comprised in the lease is subject to onerous covenants or obligations of such a nature that it would not be in the interests of the beneficiaries to retain the property, the trustee may surrender or concur in surrendering the lease.

A trustee may, in respect of any lease, exercise any power conferred on trustees by this section, notwithstanding that the reversion of the lease is vested in him or in him with others as trustee or trustees under a different trust.

Where the trustee has acted in good faith and on the advice of a person whom he reasonably believed to be a competent valuer instructed and employed independently of the lessor whether the valuer carried on business in the locality where the property is situate or elsewhere, the trustee shall not be chargeable with breach of trust nor shall the surrender be impeached by any beneficiary upon the ground only that the covenants or obligations were not of the nature mentioned in subsection (1) of this section.

Any person who acquires bona fide for value any estate or interest in the property previously subject to such lease shall not be concerned to inquire whether the surrender was authorised by this section.

This section applies whether the leasehold vested in the trustee before or after the commencement of the Trustee Act Amendment