ABSTRACT
Long leases, on the other hand, are primarily granted to enable the landlord to obtain a lump sum by way of premium at the beginning of the lease, with a consequently low rent being payable. The very long length of the term, the high amount of the premium that such a term commands, and the low level of the rent in some instances, is such that it would appear that the landlord might as well have sold the freehold. This is particularly true of some long leases of houses, in respect of which it costs more to collect the rents each year than the annual income that the rents produce.
