Leasehold In practice, the two main types of estate in land encountered in practice are the absolute freehold interest or leasehold estates for a term of years. After the 2009 land law reforms, they are the only type of legal estate that may now subsist. A lease is effectively a contract that gives an exclusive right of possession of land […]
Sale by Long Lease Some categories of long leases are tantamount to the grant of ownership to the lessee. For tax and economic purposes, they may be treated as a sale. The lessor’s rights may be only to collect a small fixed rent, often described as a ground rent only. Legislation has allowed many such long leasehold interests to be […]
Acquisition Conditions Originally, rights were granted in the 1930s, to the lessees of so-called building and proprietary leases. A building lease was one where the substantial buildings on the premises had been built by the lessee or his predecessor as lessee. The other type of case was where; a substantial capital sum was paid for the lease. In both cases, […]
Rights to Further Lease A person who holds or has held land under a lease is entitled to a reversionary lease of the land if the conditions which provide for the acquisition of the fee simple by lessees are complied with. Where a person is entitled to a reversionary lease his immediate lessor shall be bound to grant the lease […]
Determining the Price In a case where the parties cannot agree on the price for the fee simple, it is determined by arbitration. In residential cases, the Land Registry Ground Rent section carries out the arbitration. In non-residential cases, the determination is made by the County Registrar. He conducts the arbitration. He may request the Valuation Office, to give a […]
Rights to New Lease There is no general right to acquire the freehold or reversionary interest in land, which is not ancillary to buildings. There are special rights for sports clubs to obtain a sporting lease. This is a further lease to commence on the termination of its lease. The sports club or organisation must carry out an outdoor sport, […]