Settled Land Act 1958

A tenant for life may with the consent of the trustees of the settlement or order of the Court, at any time, by deed, either with or without consideration in money or otherwise, agree for the apportionment of any rent reserved or created by any such lease or grant as mentioned in the last preceding section, or any rent being or forming part of the settled land, so that the apportioned parts of such rent shall thenceforth be payable exclusively out of or in respect of such respective portions of the land subject thereto as may be thought proper, and also agree that any covenants, agreements, powers or remedies for securing such rent and any other covenant or agreements by the lessee or grantee and any conditions shall also be apportioned and made applicable exclusively to the respective portions of the land out of or in respect of which the apportioned parts of such rent shall thenceforth be payable.

Where the settled land, or any part thereof, is held or derived under a lease, or under a grant reserving rent, or subject to covenants, agreements or conditions, whether such lease or grant comprises other land or not, the tenant for life may with the consent of the trustees of the settlement or order of the Court at any time by deed, with or without giving or taking any consideration in money or otherwise, procure the variation, release, waiver or modification, either absolutely or otherwise, of the terms covenants agreements or conditions contained in such lease or grant, in respect of the whole or any part of the settled land comprised therein, including the apportionment of any rent, covenants, agreements, conditions and provisions reserved, or created by, or contained in, such lease or grant.

This section applies to leases or grants made either before or after the commencement of this Act.