When land is forcibly transferred from one house to another, what happens to all the agreements (rents, hunting rights, etc.) that previous house had with the people living there? Could a house’s “reward” turn out to be a white elephant if their new holdings came complete with unfavourable rents?

They would almost certainly transfer over, unless otherwise specified (hence the business with the Chequey Water). 

And yeah, it could be. 

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