Universities and College Estates Act 1925

Surrenders and Regrants

13 Surrenders and regrants

(1) A university or college may accept, with or without consideration, a surrender of any lease of land belonging to the university or college, whether made under this Act or not, or a regrant of any land granted in fee simple, whether under this Act or not, in respect of the whole land leased or granted, or any part thereof, with or without an exception of all or any of the mines and minerals therein, or in respect of mines and minerals, or any of them, and with or without an exception of any easement, right or privilege of any kind over or in relation to the land surrendered or regranted.

(2) On a surrender of a lease, or a regrant of land granted in fee simple, in respect of part only of the land or mines and minerals leased or granted, the rent may be apportioned.

(3) On a surrender or regrant, the university or college may in relation to the land or mines and minerals surrendered or regranted, or of any part thereof, make a new or other lease or grant in fee simple, or new or other leases or grants in fee simple in lots.

(4) A new or other lease, or grant in fee simple, may comprise additional land or mines and minerals, and may reserve any apportioned or other rent.

(5) On a surrender or regrant, and the making of a new or other lease, whether for the same or for any extended or other term, or of a new or other grant in fee simple, and whether or not subject to the same or to any other covenants, provisions, or conditions, the value of the lessee's or grantee's interest in the lease surrendered, or the land regranted, may be taken into account in the determination of the amount of the rent to be reserved, and of any fine or consideration in money to be taken, and of the nature of the covenants, provisions, and conditions to be inserted in the new or other lease, or grant in fee simple.

(6) Every new or other lease, or grant in fee simple, shall be in conformity with this Act.

(7) All money (not being rent) received on the exercise by a university or college of the powers conferred by this section, shall be paid to the Minister, and shall, unless the Minister (upon an application made within six months after the receipt thereof or within such further time as the Minister may in special circumstances allow) otherwise directs, be capital money.

(8) In this section " land granted in fee simple " means land so granted with or subject to a reservation thereout of a perpetual or terminable rent which is or forms part of land belonging to the university or college, and " grant in fee simple " has a corresponding meaning.