128When reversion on lease is surrendered etc. next estate is to

128 When reversion on lease is surrendered etc. next estate is to be taken to be reversion (1) If the reversion expectant on a lease of land is surrendered or merges, the estate that for the time being confers the next vested right to the land as against the lessee under the lease is to be taken to be the reversion expectant on the lease for the purpose and to the extent of preserving incidents to and obligations on the reversion that, but for the surrender or merger of the lease, would have subsisted. (2) This section: (a) applies to leases made after the commencement of this Act; (b) applies to leases made before the commencement of this Act that are surrendered or merge after that commencement; and (c) in the case of a registered lease – has effect subject to, and to the extent only that it is consistent with, the provisions of the

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