321. Introduction.

The procedures employed in leasehold conveyancing are similar to those which relate to freehold transactions but the points in the following paragraphs should be observed1. In the case of short-term lettings of residential premises and in some commercial leases the parties directly enter into negotiations on the draft lease and no formal contract is entered into. A contract for the grant of the lease is normally entered into in the case of a purchase for a premium of a long-term residential lease.