Settled Land Act 1925

71 Power to raise money by mortgage. E+W

(1) Where money is required for any of the following purposes namely:—

(i) Discharging an incumbrance on the settled land or part thereof;

(ii) paying for any improvement authorised by this Act or by the settlement;

(iii) Equality of exchange:

(iv)(v) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

(vi) Redeeming a compensation rentcharge in respect of the extinguishment of manorial incidents and affecting the settled land;

(vii) Commuting any additional rent made payable on the conversion of a perpetually renewable leasehold interest into a long term;

(viii) Satisfying any claims for compensation on the conversion of a perpetually renewable leasehold interest into a long term by any officer, solicitor, or other agent of the lessor in respect of fees or remuneration which would have been payable by the lessee or under-lessee on any renewal;

(ix) Payment of the costs of any transaction authorised by this section or either of the two last preceding sections;

the tenant for life may raise the money so required, on the security of the settled land, or of any part thereof, by a legal mortgage, and the money so raised shall be capital money for that purpose, and may be paid or applied accordingly.

(2) “Incumbrance” in this section does not include any annual sum payable only during a life or lives or during a term of years absolute or determinable.

(3) The restrictions imposed by this Part of this Act on the leasing powers of a tenant for life do not apply in relation to a mortgage term created under this Act.

Textual Amendments

F1 Ss. 62(1)–(3), 71(1)(iv)(v), 73(1)(vi)(vii) repealed by Statute Law (Repeals) Act 1969 (c. 52), Sch. Pt. III

Modifications etc. (not altering text)

C1 S. 71 modified by Chequers Estate Act 1917 (c. 55), Sch. clause 8D as now inserted by Chequers Estate Act 1958 (c. 60), s. 1, Sch. para. 10; extended by Landlord and Tenant Act 1927 (c. 36), s. 13(1)(2), Agricultural Credits Act 1932 (c. 35), s. 3, Coast Protection Act 1949 (c. 74), s. 11(2)(a), Landlord and Tenant Act 1954 (c. 56), s. 8(5), Sch. 2 para. 6, Coal-Mining (Subsidence) Act 1957 (c. 59), s. 11(7), Land Commission Act 1967 (c. 1), s. 92, Leasehold Reform Act 1967 (c. 88), ss. 6(5), 17, 18, Sch. 2 para. 9(1), Mines and Quarries (Tips) Act 1969 (c. 10), s. 32(2)(b) and Town and Country Planning Act 1971 (c. 78), s. 275(1); amended (temp.) by Finance Act 1968 (c. 44), s. 41(5), Sch. 15 para. 8(1)

C2 S. 71 extended by Town and Country Planning Act 1990 (c. 8, SIF 123:1), s. 328(2)(a)

S. 71 extended (1.11.1993) by 1993 c. 28, ss. 9, 40, Sch. 2 paras. 5(2)(b)(ii),6(b); S.I. 1993/2134, arts. 2,5

S. 71 extended (1.9.1995) by 1995 c. 8, ss. 33(2), 41(2)

C3 S. 71 extended (30.9.2003 for E.) by Commonhold and Leasehold Reform Act 2002 (c. 15), ss. 109(4)(b), 181(1); S.I. 2003/1986, art. 2(a)