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The Education (Modification of Instruments Relating to Voluntary Schools) Regulations 1999

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2.  Any provision of an instrument relating to any land held for the purposes of a voluntary school which—

(a)confers on any person an option to acquire an interest in that land, or

(b)provides (in whatever terms) for the determination or forfeiture of any such interest,

in the event of the school’s ceasing to be a voluntary school or ceasing to be either a grant-maintained school or a voluntary school shall, if the school becomes a foundation school, have effect as if the event referred to were the school’s ceasing to be a school which is either a foundation school or a voluntary school.

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