ABSTRACT
One of the most important features of leaseholds is that they allow two or more estate owners to enjoy the benefits of the same piece of land at the same time: for example, the freeholder will receive the rent and profits and the leaseholder will enjoy physical possession and occupation of the property. Indeed, if a ‘sub-tenancy’ is involved, one lease will be carved out of another as where a freeholder, L, grants land to A for 30 years, who sub-lets to B for 25 years, who sub-lets to C for ten years, and so on. It is this ability of the leasehold estate to facilitate multiple enjoyment of land that gives it its special character. In addition, it is inherent in a lease that the rights and obligations undertaken by the original landlord and tenant concerning the land can be transmitted to persons who later step into the shoes of the original parties, as where a landlord assigns (transfers) the reversion or the tenant assigns the lease. The ability to make rights and obligations ‘run’ with the land is a special feature of the landlord and tenant relationship and legislation (Landlord and Tenant (Covenants) Act 1995) has enhanced this feature of the leasehold estate, at least for leases granted on or after 1 January 1996, the date on which the 1995 Act came into force.
