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A lease is an estate in land of defined duration. It is capable of subsisting; as a legal estate, but it must be created in the manner required by the law and satisfy the definition of a 'term of years absolute' otherwise it is an equitable interest.
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| Submitted: Wed Sep 10 2003
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A lease is an estate in land of defined duration. It is capable of subsisting; as a legal estate, but it must be created in the manner required by the law and satisfy the definition of a 'term of years absolute' otherwise it is an equitable interest.1 There are two types of lease; fixed which is self determining 6months, 1 year, 50 years. The vital feature is that it is a fixed maximum duration. Periodic, weekly, monthly, annually, it continues indefinitely until terminated giving notice. A lease is sometimes referred to as hybrid- proprietary interest in land but roots in contractual relationship between landlord and tenant. There are also 3 essential requirements for a lease, according to Lord Tepleman the lessee or tenant must be granted: exclusive possession, for a fixed or periodic term; and in consideration of a premium (lump sum) or periodical payments. A licence is different it's a permission...
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