(1) In a conveyance of any class referred to in subsection (2) there are implied the covenants specified in relation to that class in Part 2 of Schedule 3, and those covenants are deemed to be made -
(a) by the person or by each person who conveys, to the extent of the estate or interest or share of the estate or interest expressed to be conveyed by such person ("the subject-matter of the conveyance"),
(b) with the person to whom the conveyance is made, or with the persons jointly and severally, if more than one, to whom the conveyance is made as joint tenants, or with each of the persons, if more than one, to whom the conveyance is made as tenants in common,
and have the effect specified in Parts 1 and 2 of Schedule 3.
(2) The classes of conveyance referred to in subsection (1) are -
Class 1: A conveyance (other than a mortgage) for valuable consideration of an estate or interest in land (other than a tenancy) made by a person who is expressed to convey "as beneficial owner";