53Land under the provisions of this Act—how leased

#### 53 Land under the provisions of this Act—how leased 53 Land under the provisions of this Act—how leased > > (1) When any land under the provisions of this Act is intended to be leased or demised for a life or lives or for any term of years exceeding three years, the proprietor shall execute a lease in the approved form. > > > (2) (Repealed) > > > (3) A right for or covenant by the lessee to purchase the land therein described may be stipulated in such instrument, and in case the lessee shall pay the purchase money stipulated and otherwise observe the lessee’s covenants expressed and implied in such instrument, the lessor shall be bound to execute a transfer of the said land to such lessee. > > > (4) A lease of land which is subject to a mortgage, charge or covenant charge is not valid or binding on the mortgagee, chargee or covenant chargee unless the mortgagee, chargee or covenant chargee has consented to the lease before it is registered. > > > (5) Subsection (1) does not apply in relation to land the subject of a social housing tenancy agreement within the meaning of the [Residential Tenancies Act 2010](/view/html/inforce/current/act-2010-042). > > **s 53:** Am 1970 No 23, sec 11 (h); 1976 No 96, Sch 8 (2); 1979 No 164, Sch 12 (8); 1986 No 71, Sch 1 (8); 2005 No 79, Sch 2.3; 2010 No 42, Sch 3.13.