TRUSTEE ACT 1925 - SECT 35
Surrender of onerous lease
TRUSTEE ACT 1925 - SECT 35
Surrender of onerous lease
35 Surrender of onerous lease
(1) Where a leasehold is vested in a trustee and the property is subject to
onerous covenants of such a nature that it would not be in the interests of
the beneficiaries to retain the property, the trustee may surrender or concur
in surrendering the lease.
(2) The trustee shall not be chargeable with
breach of trust nor shall the surrender be impeached by any beneficiary upon
the ground only that the covenants were not of such a nature, provided that
the trustee has acted bona fide and on the advice of a person whom the trustee
reasonably believed to be a competent valuer instructed and employed
independently of the lessor, whether the valuer carried on business in the
locality where the property is situate or elsewhere.
(3) A subsequent
purchaser or the Registrar-General Crown Solicitor or other person registering
or certifying title shall not be concerned to inquire whether the surrender
was authorised by this section.
(4) This section applies whether the
leasehold vested in the trustee before or after the commencement of this Act.