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Law of Property (Amendment) Act 1926

Status:

This is the original version (as it was originally enacted).

ScheduleMinor Amendments

Enactments to be amended.Amendments.
Law of Property Act, 1922.
S. 43

In subsection (8), for the words " shall be " treated as purchase money," there shall be substituted the words

shallbe treated as interest upon purchase " money."

Schedule XIII., Part II.

At the end of paragraph 13 the following words shall be inserted:—

" For the purposes of this paragraph the right of a tenant to demise or otherwise deal with land without the licence of the lord shall not be deemed to be restricted by reason only that by custom or otherwise the transaction has to be effected by surrender and admittance, or by customary assurance, or in any other particular manner, and customary payments have to be made in respect of the transaction."

Settled Land Act, 1925.
S. 1

At the end, there shall be inserted the following subsection :—

" (7) This section does not apply to land held upon trust for sale."

S. 3

In this section after the word " Land," where it first occurs, there shall be inserted the words

not held upontrust for sale."

S. 13

For the words " without notice of any " settlement " there shall be substituted the words

without notice of suchtenant for life or statutory owner " having become so entitled as afore-" said."

Settled Land Act, 1925.
S. 31

At the end of subsection (1) there shall be inserted the following paragraph :—

" Where there are trustees for the purposes of this Act of the instrument under which there is a tenant for life or statutory owner but there are no trustees for those purposes of a prior instrument, being one of the instruments by which a compound settlement is constituted, those trustees shall, unless and until trustees are appointed of the prior instrument or of the compound settlement, be the trustees for the purposes of this Act of the compound settlement."

S. 39

In paragraph (i) of subsection (4), for the words " a condition of re-entry on the " rent not being paid within a time " therein specified not exceeding thirty " days," there shall be substituted the words

the statutory powers and remedies for the recovery of the rent shallapply."

S. 78

At the end of subsection (1) there shall be inserted the words

This subsectionoperates without prejudice to the " rights of any person claiming under " a disposition for valuable consideration " of any such money securities or " proceeds, made before the commencement of this Act."

S.105The words " if and when such remainder-" man or reversioner would, if the " tenant for life were dead, be or have " the powers of a tenant for life under " this Act " shall be omitted.
Schedule II.

At the end of paragraph 1 (6), there shall be inserted the words

This sub-paragraph shall not apply to any legalestate or interest vested in a mortgagee or other purchaser for money " or money's worth."

Law of Property Act 1925.
S. 2

For subsection (2) from the beginning to the words " are either," there shall be substituted the words

Where the

legal estate affected is subject to a " trust for sale, then if at the date of " a conveyance made after the commencement of this Act under the " trust for sale or the powers conferred " on the trustees for sale, the trustees " (whether original or substituted) are

either.

In that subsection for the words " such " equitable interest or power" there shall be substituted the words

anyequitable interest or power having " priority to the trust for sale."

S. 7

At the end of subsection (1) there shall be inserted the words

and a fee simplesubject to a legal or equitable right of " entry or re-entry is for the purposes "of this Act a fee simple absolute."

S. 26.

For subsection (3) the following subsection shall be substituted :—

'' (3) Trustees for sale shall so far as practicable consult the persons of full age for the time being beneficially interested in possession in the rents and profits of the land until sale, and shall, so far as consistent with the general interest of the trust, give effect to the wishes of such persons, or, in the ease of dispute, of the majority (according to the value of their combined interests) of such persons, but a purchaser shall not be concerned to see that the provisions of this subsection have been complied with."

" In the case of a trust for sale, not being a trust for sale created by or in pursuance of the powers conferred by this or any other Act, this subsection shall not apply unless the contrary intention appears in the disposition creating the trust."

Law of Property Act, 1025.
S. 27

For subsection (2) the following subsection shall be substituted :—

" (2) Not withstanding anything to the contrary in the instrument (if any) creating a trust for sale of land or in the settlement of the net proceeds, the proceeds of sale or other capital money shall not be paid to or applied by the direction of fewer than two persons as trustees for sale, except where the trustee is a trust corporation, but this subsection does not affect the right of a sole personal representative as such to give valid receipts for, or direct the application of, proceeds of sale or other capital money, nor, except where capital money arises on the transaction, render it necessary to have more than one trustee."

S. 28

In subsection (1), after the word " minority " there shall be inserted the words

and where by statute settled land isor becomes vested in the trustees of " the settlement upon the statutory " trusts, such trustees and their successors in office shall also have all the " additional or larger powers (if any) " conferred by the settlement on the " tenant for life, statutory owner, or " trustees of the settlement."

S. 35.

At the end the following paragraph shall be inserted :—" Where—

(a) an undivided share was subject to a settlement, and

(b) the settlement remains subsisting in respect of other property, and

(c) the trustees thereof are not the same persons as the trustees for sale,

then the statutory trusts include a trust for the trustees for sale to pay the proper proportion of the net proceeds of

sale or other capital money attributable to the share to the trustees of the settlement to be held by them as capital money arising under the Settled Land Act, 1925."

S. 36

At the end of subsection (2) the following words shall bo inserted :—

" Nothing in this Act affects the right of a survivor of joint tenants, who is solely and beneficially interested, to deal with his legal estate as if it were not held on trust for sale."

S. 89

At the end of subsection (6), there shall be inserted the words

In this subsectionreferences to an apportionment " include an equitable apportionment " made without the consent of the " lessor."

S. 94

In subsection (2) for the words " date of " the original advance " there shall be substituted the words

time when theoriginal mortgage was created."

S. 96

At the end of subsection (2) the following proviso shall be inserted :—

In this subsection notice does not includenotice implied by reason of registra-" tion under the Land Charges Act, " 1925, or in a local deeds register."

S. 125

In subsection (2) for the words " an office " copy " there shall be substituted the words

a copy.

Schedule I., Part II.

In paragraph 3 after the words " hereinafter provided" the following proviso shall be inserted :—

" The divesting of a legal estate by virtue of this paragraph shall not, where the person from whom the estate is so divested was a trustee, operate to prevent the legal estate being conveyed, or a legal estate being created, by him in favour of a purchaser for money or money's worth, if the purchaser has no

notice of the trust and if the documents of title relating to the estate divested are produced by the trustee or by persons deriving title under him." At the end of paragraph 7 there shall be inserted the following paragraph :—

" (m) To vest in any person any legal estate affected by any rent covenants or conditions if, before any proceedings are commenced in respect of the rent covenants or conditions, and before any conveyance of the legal estate or dealing therewith inter vivos is effected, he or his personal representatives disclaim it in writing signed by him or them."

Part IV.

In paragraph 1 (3), for the words " term " of years absolute," there shall be substituted the words

mortgage, andfree from any interests, powers, and " charges subsisting under the settlement, which have priority to the " interests of the persons entitled to " the undivided shares."

In paragraph 1 (4) (iii) for the words " vest " the land " there shall be substituted the words

thereupon the land shallby virtue of this Act vest."

At the end of paragraph 1 (10) there shall be inserted the words

within eighteenmonths from the commencement of " this Act."

In paragraph 1 (11), for the words " more " than one half " there shall be substituted the words

one half or upwards.

In paragraph 1 (12) after the word " include " there shall be inserted the words

a legal rentcharge affecting theentirety."

At the end of paragraph 3 the following new paragraph shall be inserted :—

"4. Where, immediately before the commencement of this Act, there are two or more tenants for life of full age

entitled under the same settlement in undivided shares, and, after the cesser of all their interests in the income of the settled land, the entirety of the land is limited so as to devolve together (not in undivided shares), their interests shall, but without prejudice to any beneficial interest, be converted into a joint tenancy, and the joint tenants and the survivor of them shall, until the said cesser occurs, constitute the tenant for life for the purposes of the Settled Land Act, 1925, and this Act."

Trustee Act, 1925. S. 14In paragraph (a) of subsection (2), the words " disposition on" shall be omitted.
S. 25

In subsection (4), after the words " execution thereof," there shall be inserted the words " or where not executed" within the United Kingdom within " ten days after its receipt in the " United Kingdom."

S. 26

In subsection (1) for the words " which " may have accrued or been claimed " there shall be substituted the words '' which may have accrued and been

claimed.

S. 27

In subsection (1) for the words "in a " daily London newspaper and also if " the property includes land not situated in London in a daily or weekly " newspaper circulating in the district " in which the land is situated " there shall be substituted the words

in anewspaper circulating in the district " in which the land is situated."

Land Charges Act, 1925 S. 10
S. 10

In Class C (iii) at the end, the following proviso shall be inserted :—

" Provided that a charge given by way of indemnity against rents equitably apportioned or charged exclusively on land in exoneration of other land and against the breach or non-observance of covenants or conditions, shall not be deemed to be a general equitable charge and shall not be registrable as a land charge under this Act."

For subsection (6) the following subsection shall be substituted :—

" (6) In the case of a general equitable charge, restrictive covenant, equitable easement or estate contract affecting land within any of the three ridings, and in the case of any other land charge (not being a local land charge) created by a document which shows on the face of it that the charge affects land within any cf those ridings, registration shall be effected in the prescribed manner in the appropriate local deeds registry in place of the registry."

S. 15

At the end of subsection (1) the following paragraph shall be inserted :—

" For the purposes of this section any sum which is recoverable by a local authority under any of the Acts aforesaid from successive owners or occupiers of the property in respect of which the sum is recoverable shall, whether such sum is expressed to be a charge on the property or not, be deemed to be a charge."

At the end of paragraph (a) of subsection (6) there shall be inserted the words

whether by reference to theestate owner or to the land affected " or otherwise " and paragraph (b) of the same subsection shall be omitted.

For subsection (7) the following subsection shall be substituted :—

" The foregoing provisions of this section shall apply to—

(a) any town planning scheme made by, or any authority or resolution

to prepare or adopt a town planning scheme given to or passed by, a local authority, whether made, given or passed before or after the commencement of this Act; and

(b) any prohibition of or restriction on the user or mode of user of land or buildings imposed by a local authority after the commencement of this Act by order, instrument, or resolution, or enforceable by a local authority under any covenant or agreement made with them after the commencement of this Act, or by virtue of any conditions attached to a consent, approval, or licence granted by a local authority after that date, being a prohibition or restriction binding on successive owners of the land or buildings, and not being—

(i) a prohibition or restriction operating ov.er the whole of the district of the authority or over the whole of any contributory place thereof; or

(ii) a prohibition or restriction which is, or which may become, enforceable by virtue of a town-planning scheme; or

(iii) a prohibition or restriction imposed by a covenant or agreement made between a lessor and lessee;

as if the scheme, resolution, authority, prohibition, or restriction were a local land charge, and the same shall be registered by the proper officer as a local land charge accordingly."

Universities and College Estates Act, 1925.
S. 3

In paragraph (i) of subsection (4), for the words " a condition of re-entry on the " rent not being paid within a time " therein specified, not exceeding thirty " days," there shall be substituted the words

the statutory powers and remedies for the recovery of the rent shallapply."

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