46. Covenants to grant or renew leases.

An option to renew conferred on a tenant by a lease runs with the land and the reversion1, and unlike an option to purchase the reversion2 even where entered into before the Perpetuities and Accumulations Act 2009 is not subject to the rule against perpetuities3, even if the new lease is not to be in terms similar to the original one4. The statutory provisions invalidating a contract to create a reversionary lease to take effect more than 21 years after the date of the contract5 or a contract to renew a lease for a term exceeding 60 years6, and