1259. Charges on landlord's estate.

The obligation to grant an extended lease1 has effect notwithstanding that the grant of the existing tenancy2 was subsequent to the creation of a charge on the landlord's3 estate and not authorised as against the persons interested in the charge; and a lease executed to give effect to that obligation is deemed to be authorised as against the persons interested in any charge on the landlord's estate, however created or arising, and is binding on them4.

Where, however, the existing tenancy is granted on or after 1 January 1968, whether or not it is to be treated5 for other purposes