ABSTRACT
A lease is also known as a term of years, a demise or a tenancy. Whatever term is used, it is the second legal estate in land (s 1(1) of the LPA 1925).
THE CONCEPT OF THE LEASE Section 205(1)(xxvii) of the LPA 1925 defines a lease. It is an estate in the land for a fixed maximum term, which may be of any duration from one week (or even less) to 3,000 years (or even more). Typically, a long lease will be granted by a landlord (lessor) to a tenant (lessee) who will pay a lump sum (or premium) and a small amount of periodic rent (eg, it may be as little as a peppercorn annually). Short leases may not involve the payment of a premium, but will usually involve the payment of rent periodically.
