ABSTRACT
This chapter explores the leasehold estate in land. It considers what a lease is and what the essential characteristics of a lease are, noting in particular how to distinguish this proprietary estate from a personal licence. The chapter then looks at the formalities of a lease, identifying what is required to create a legal lease and how equitable leases arise. It establishes how legal and equitable leases may bind third parties. The chapter examines the different ways that a lease may be brought to an early end. Forfeiture is the ability to bring the lease to an end earlier than originally agreed when the tenant has breached a covenant contained in the lease. The landlord will have the right to forfeit the lease if the tenant breaks a promise and the lease contains an express provision for forfeiture for breach of covenant.
