Settled Land Act 1958

A tenant for life with the consent of the trustees of the settlement or order of the Court—

may contract to make any sale, exchange, partition, mortgage, charge or other disposition authorized by this Act; and

may vary or rescind, with or without consideration, the contract in the like cases and manner in which, if he were absolute owner of the settled land, he might lawfully vary or rescind the same, but so that the contract as varied be in conformity with this Act; and

may contract to make any lease, and in making the lease may vary the terms, with or without consideration but so that the lease be in conformity with this Act; and

^[21]may accept a surrender of a contract for a lease or a grant in fee-simple at a rent, in like manner and on the like terms in and on which he might accept a surrender of a lease or a regrant, and thereupon may make a new or other contract for or relative to a lease or leases, or grant or grants in fee-simple at a rent, in like manner and on the like terms in and on which he might make a new or other lease or grant, or new or other leases or grants, where a lease or a grant in fee-simple at a rent had been executed; and

may enter into a contract for or relating to the execution of any improvement authorized by this Act, and may vary or rescind any such contract; and

may, in any other case, enter into a contract to do any act for carrying into effect any of the purposes of this Act, and may vary or rescind any such contract.

Every contract shall be binding on and shall enure for the benefit of the settled land, and shall be enforceable against and by every successor in title for the time being of the tenant for life, or statutory owner and may be carried into effect by any such successor, but so that it may be varied or rescinded by any such successor, in the like case and manner (if any) as if it had been made by himself.

The Court may, on the application of the tenant for life, or statutory owner or of any such successor as aforesaid, or of any person interested in any contract, give directions respecting the enforcing, carrying into effect, varying or rescinding thereof.

A preliminary contract under this Act for or relating to a lease shall not form part of the title or evidence of the title of any person to the lease, or to the benefit thereof.

All money, not being rent, received on the exercise by the tenant for life or statutory owner of the powers conferred by subsection (1) of this section, shall, unless the Court on an application made within six months after the receipt of the money, or within such further time as the Court may in special circumstances allow, otherwise directs, be capital money arising under this Act.