Essential Characteristics of a Lease
Most people who see particulars in an estate agent’s window offering for sale a desirable leasehold residence (often a flat) are aware that what is offered is something for a certain period, such as ‘the remainder of a ninety-nine-year lease’, and that this is less than a freehold, which connotes an unlimited and indefinite ownership. Few people would realise, however, that the basic distinction between the two derives from the historical development of land law.
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