LEASEHOLD PROPERTY Flashcards
What is a Lease?
An interest in land which grants exclusic possession of a property for a fixed period od time
Which Case depicts the definition of a Lease?
STREET v MOUNTFORD
How much time does a leasehold have until it takes effect?
Within 21 Years of its grant
Which Section and Statue governs a Lease taking effect?
LPA 1925 - Section 149(3)
Which Statue & Section states that Legal lease must be created by Deed?
LPA 1925 - Section 51(1)
What is an Equitable Lease?
A lease not created by Deed
If the Lease was granted on or after 1 January 1996, what benefits do the original parties have?
They have the benefit of the other’s Covenants and the burden of their own Covenants
What is an ‘Authorise Guarantee Agreement’?
An agreement entered into by the outgoing tenant with his landlord which the tenant guarantees the performance of lease covenants by his immediate successor in title
If a Lease is granted before 1 January 1996, what is the basic principle?
The original tenant remains bound by Covenants in the lease for the whole of the contractual term under the doctrine of privity of contract
