2(1)The conveyance shall not exclude or restrict the general words implied in conveyances under section 62 of the M1Law of Property Act 1925, or the all-estate clause implied under section 63 of that Act, unless—
(a)the exclusion or restriction is made for the purpose of preserving or recognising any existing interest of the freeholder in tenant’s incumbrances or any existing right or interest of any other person, or
(b)the nominee purchaser consents to the exclusion or restriction.
(2)The freeholder shall not be bound—
(a)to convey to the nominee purchaser any better title than that which he has or could require to be vested in him, or
(b)to enter into any covenant for title other than such covenant as under section 76(1)(F) of the M2Law of Property Act 1925 is implied in the case of a person conveying, and expressed to convey, as trustee or mortgagee.
(3)In this paragraph “tenant’s incumbrances” includes any interest directly or indirectly derived out of a lease, and any incumbrance on a lease or any such interest (whether or not the same matter is an incumbrance also on any interest reversionary on the lease); and “incumbrances” has the same meaning as it has for the purposes of section 34 of this Act.