A sale of settled land, or of any easement, right, or privilege over or in relation to settled land, may be made in consideration wholly or partially of a perpetual rent, or a terminable rent consisting of principal and interest combined, payable yearly or half yearly to be secured upon the land sold, or the land to which the easement, right, or privilege is to be annexed in enjoyment:

The rent to be reserved on any such sale shall be the best rent that can reasonably be obtained, regard being had to any money paid as part of the consideration, or laid out, or to be laid out, for the benefit of the settled land, and generally to the circumstances of the case, but a peppercorn rent, or a nominal or other rent less than the rent ultimately payable, may be made payable during any period not exceeding five years from the date of the conveyance.

The provisions of subsections (3), (4), and (5) of section seven of the M1Settled Land Act, 1882, shall apply to this section as if those provisions were re-enacted in this section with the substitution of “conveyance” for “lease,” “purchaser” for “lessee,” and “duplicate” for “counterpart.”

Every lease shall contain a covenant by the lessee for payment of the rent, and a condition of re-entry on the rent not being paid within a time therein specified not exceeding thirty days.

A counterpart of every lease shall be executed by the lessee and delivered to the tenant for life; of which execution and delivery the execution of the lease by the tenant for life shall be sufficient evidence.

A statement, contained in a lease or in an endorsement thereon signed by the tenant for life, respecting any matter of fact or of calculation under this Act in relation to the lease, shall, in favour of the lessee and of those claiming under him, be sufficient evidence of the matter stated.

. . . F20

This section shall apply to the sale of glebe land under any statutory provision authorising the sale thereof as if the incumbent were a person having the powers of a tenant for life and the glebe land were settled land, and with such other modifications as may be necessary, and in particular with this modification that in the case of a terminable rent so much thereof as does not represent principal F21shall be treated as interest upon purchase money arising from the sale of the land and be payable accordingly:

“Land” includes land of any tenure, and mines and minerals, buildings or parts (whether the division is horizontal, vertical or otherwise) of buildings and other corporeal hereditaments; also a manor, an advowson, and a rent and other incorporeal hereditaments, and an easement, right, privilege, or benefit in, over, or derived from land; F48. . .; and “mines and minerals” include any strata or seam of minerals or substances in or under any land, and powers of working and getting the same F48. . .;

. . . F49

“Court” means the High Court of Justice, . . . F50 or the county court, . . . F50and all matters within the jurisdiction of the High Court under this Act shall, subject to the Acts regulating the court, be assigned to the Chancery Division of the court; and every application to the court under this Act shall, except where it is otherwise expressed and subject to any rules of court to the contrary, be by summons at chambers, and the court shall have full power and discretion to make such order as it thinks fit respecting the costs, charges and expenses of all or any of the parties to any application;

. . . F49

“The Land Transfer Acts” means the Land Transfer Acts, 1875 and 1897, and includes any Act consolidating or amending the same, including this Act; and “Land Registrar” means the registrar under those Acts:

. . . F49

. . . F51

. . . F49

“Settled land” has the same meaning as in the Settled Land Acts, and where the settlement consists of more than one instrument, or where any estate, interest, power or charge is by this Act made to take effect as if limited or protected by the settlement, it includes every estate or interest comprised in such compound settlement;

. . . F49

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F53. . .

. . . F49

“Lessor” means the person for the time being entitled in reversion expectant on the interest demised, or, where the reversion is encumbered, the person having power to accept a surrender of the lease, or underlease;

“Lessee” and “underlessee” include the persons respectively deriving title under them;

“A perpetually renewable lease or underlease” means a lease or underlease the holder of which is entitled to enforce (whether or not subject to the fulfilment of any condition) the perpetual renewal therof, and includes a lease or underlease for a life or lives or for a term of years, whether determinable with life or lives or not, which is perpetually renewable as aforesaid, but does not include copyhold land held for a life or lives or for years, whether or not determinable with life, where the tenant had before the commencement of this Act a right of perpetual renewal subject or not to the fulfilment of any condition;

“Underlease,” unless the context otherwise requires, includes a subterm created out of a derivative leasehold interest.

This Act may be cited as the Law of Property Act, 1922.

. . . F55

This Act (including the repeals therein) shall not extend to Scotland or Ireland.