431Certain invalid leases taken to be agreements to lease

431 Certain invalid leases taken to be agreements to lease (a) in the intended exercise of a power to lease property, a lease is granted that is invalid against— (i) the person entitled to the reversionary interest in the property at the end of the interest of the person granting the lease; or (ii) anyone else who, subject to a lease validly granted under the power, would have an interest in the property; and (b) the lease is invalid for failure to comply with the terms of the power; and Leases invalidly granted under powers Part 4.6 (c) the lease is honestly granted; and (d) the lessee or a person claiming under the lessee has entered into possession of the property. (2) An invalid lease mentioned in subsection (1) is taken in equity to be a contract for the grant, at the request of the lessee, of a valid lease— (a) under the same power as the invalid lease was granted under; and (b) in the same terms as the invalid lease apart from any changes necessary to comply with the terms of the power. (3) Anyone who would have been bound by the invalid lease if it had been validly granted is bound in equity by the contract mentioned in subsection (2). (4) However, no-one is entitled under the contract mentioned in subsection (2) to obtain a variation of the lease if the other people bound by the contract are willing to confirm the lease without variation.