ABSTRACT
Introduction The leasehold estate or ‘term of years absolute’ is one of the two legal estates in land (s 1(2) LPA 1925 ). In layman’s terms, a lease is where a landlord allows a tenant to possess property belonging to the landlord for a fi xed or certain period of time. Leases are also given statutory defi nition under s 205(1)(xxvii) LPA 1925 . There are three main points to note from the statute: 1. A lease can take effect either immediately (‘in possession’) or at some specifi ed
point in the future (‘in reversion’), so long as it commences within 21 years of its creation. Thus, it is possible to have a future leasehold interest.
