Section 116 — Land Transfer Act 1952: Variation of lease

116 Variation of lease (1) A lease variation instrument is required for the purpose of varying, in respect of any lease registered under this Act,— (a) the term of the lease by way of extension; or (b) the covenants, conditions, and restrictions contained in the lease. (2) A lease variation instrument extending the term of a lease must be registered before the expiry of the then current term of the lease. (3) A lease variation instrument must contain the following information: (a) the lease to be varied, which must include a reference to the register in the prescribed manner; and (b) the nature of the variation. (4) A lease variation instrument extending the term of a lease has the same effect as if it were a lease instrument for the extended term subject to the same covenants, conditions, and restrictions, with any necessary modifications, as are contained or implied in the lease. (5) Upon the registration of the lease variation instrument, the estate of the lessee under the instrument is deemed to be subject to all encumbrances, liens, and interests to which the lease is subject at the time of the registration. For the purposes of this subsection, all references in any Act or in any agreement, deed, instrument, notice, or other document to the lease or to the estate of the lessee under the instrument must, unless inconsistent with the context or with the provisions of this section, be read as references to the lease as varied by the lease variation instrument or to the estate of the lessee under the instrument, as the case may be. (6) A lease variation instrument must be executed by the lessor and lessee. (7) If the land subject to the lease is subject to a mortgage, the consent of the mortgagee must be obtained. Subsection (5) was substituted, as from 1 February 1999, by section 43(1) Land Transfer (Automation) Amendment Act 1998 (1998 No 123). Sections 115 and 116 were substituted, as from 26 August 2002, by section 47 Land Transfer (Computer Registers and Electronic Lodgement) Amendment Act 2002 (2002 No 11). See clause 2 Land Transfer (Computer Registers And Electronic Lodgement) Amendment Act Commencement Order 2002 (SR 2002/216).