Leases Flashcards
In a lease, the landlord retains the _______ estate but does not have the right to _________ __________
freehold, physical possession
Can a tenant transfer their leasehold to another person? If so, when?
Yes - if the lease allows
What is an assignment?
Where a tenant disposes of their entire remaining interest in the lease to another person
What is a sublease/underlease?
Where a tenant disposes less than their remaining interest in the lease
To create a sublease instead of an assignment, the tenant must grant a sublease for a term at least how many days shorter than their own lease?
1 day
What is a head lease?
The lease between a landlord and an original tenant
What will the assignee and landlord usually be required to sign in order to create a privity of contract and so the landlord can hold the assignee liable?
Licence to assign
Can a landlord hold a subtenant liable for breaches under a lease? Why/why not?
No - there’s no privity of contract between them
What is a fixed term tenancy?
A tenancy for a fixed term e.g. 3 months
What is a rent review clause?
A term in the lease that provides how the rent in a long lease can be increased
What is a reversionary lease?
A lease which provides that it won’t take effect until a later date
What is a periodic tennacy?
A tenancy defined by a period of time e.g. ‘yearly tenancy’
Period tenancies will ____________ ______ for another period until one of the parties gives _______ that they are bringing the lease to an end
automatically renew, notice
What is a tenancy at will?
A tenancy which lasts for so long as both parties desire
What must a lease make clear at the date of the agreement?
When the term of the tenancy will begin and end
What happens if a lease is uncertain in its start and end date?
The lease will be void for uncertainty
Generally, how must a legal lease be created?
By deed
How can a legal lease for 3 or less years be created without a deed and what are the 2 requirements?
Legal Lease can be created in writing or orally
- T takes possession of the leased premises
- Lease is at the market price rent
What are the 3 requirements for a lease to be enforceable in equity?
- In writing
- Signed by the parties
- Incorporates all terms expressly agreed by the parties
What is a licence?
A personal right to enter or use the land for an agreed purpose