Settled Land Act 1958

A tenant for life may with the consent of the trustees of the settlement or order of the Court accept, with or without consideration, a surrender of any lease of settled land, whether made under this Act or not, or a regrant of any land granted in fee-simple, whether under this Act or not, in respect of the whole land leased or granted, or any part thereof, with or without an exception of all or any of the mines and minerals therein, or in respect of mines and minerals, or any of them, and with or without an exception of any easement, right or privilege of any kind over or in relation to the land surrendered or regranted.

On a surrender of a lease, or a regrant of land granted in fee-simple, in respect of part only of the land or mines and minerals leased or granted, the rent or rentcharge may be apportioned.

On a surrender or regrant the tenant for life may with the like consent or order in relation to the land or mines and minerals surrendered or regranted, or of any part thereof, make a new or other lease, or grant in fee-simple, or new or other leases, or grants in fee-simple, in lots.

A new or other lease, or grant in fee-simple, may comprise additional land or mines and minerals, and may reserve any apportioned or other rent or rentcharge.

On a surrender or regrant, and the making of a new or other lease, whether for the same or for any extended or other term, or of a new or other grant in fee-simple, and whether or not subject to the same or to any other covenants, provisions, or conditions, the value of the lessee's or grantee's interest in the lease surrendered, or the land regranted, may be taken into account in the determination of the amount of the rent or rentcharge to be reserved, and of any fine or consideration in money to be taken, and of the nature of the covenants, provisions and conditions to be inserted in the new or other lease or grant in fee-simple.

Every new or other lease, or grant in fee-simple, shall be in conformity with this Act.

All money, not being rent or a rentcharge, received on the exercise by the tenant for life of the powers conferred by this section, shall, unless the court, on an application made within six months after the receipt thereof or within such further time as the Court may in special circumstances allow, otherwise directs, be capital money arising under this Act.

A regrant shall be made to the trustees of the settlement or if there are no trustees of the settlement as the Court directs.

In this section land granted in fee-simple means land so granted with or subject to a reservation thereout of a perpetual or terminable rentcharge which is or forms part of the settled land, and grant in fee-simple has a corresponding meaning.