LLB220 Lecture 9: Leases and tenancies Part I - wk 9
Document Summary
A lease necessarily involves a leaseholder and a lessee. A lease grants to the lessee the right of exclusive possession of land for a fixed duration. Leases contain mutual rights and obligations covenants. Lessee has a right to possess the land during the term of the lease. Lessor has a right to regain possession on expiration of the lease. E. g. a covenant could be that the lessee will covenant to pay rent and keep the land in good repair. Reversion" the lessors title minus the lessee"s interest. Three main types of leases: fixed-term tenancy, periodic tenancy, tenancies at will and at sufferance. Set by the parties to expire at a certain time in the future. Start and end date known from the outset. It does not require that the time run continuously. A series of blocks of time will suffice e. g. a lease for the month of january over the next 5 years is valid.
