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GLOSSARY

Lease definition

Published by a LexisNexis Property expert

What does Lease mean?

A contract that creates a relationship of landlord and tenant.

Where the landlord has an estate in land, the lease will also grant the tenant a leasehold estate in the land. Leases are subject to regulation, both as to their terms and the way in which they can be brought to an end.

Property

A contract that creates a relationship of landlord and tenant.

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Drafting a building contract/schedule of amendments—checklist

Drafting a building contract/schedule of amendments—checklist Once the procurement route and form of building contract has been selected (see Practice Note: Choosing the right procurement method—construction projects) the employer should consider the following matters and incorporate the appropriate drafting in the building contract particulars and schedule of amendments. This Checklist assumes that the parties are using a standard form of building contract, such as a JCT form, and that the employer is proposing the first draft including the completed contract particulars and a schedule of amendments, which amends the standard terms. This list is not exhaustive, however, and there may be other project specific matters/risks that need to be taken into account: Contractual matters • Carry out due diligence on the contractor The employer needs to carry out due diligence on the contractor at the outset to determine whether its financial position is acceptable. Confirm the contractor’s company number and name at Companies House. • Obtain consultants’ details Confirm the full details of the consultants engaged by the employer; some...

Option agreements—acting for the buyer—checklist

Option agreements—acting for the buyer—checklist Call or put option? In a 'call' option the buyer will have control in that it may call for a transfer of the property. A 'put' option gives the seller control in that it can require the buyer to take a transfer of the property and therefore the buyer should be especially vigilant in ensuring that the terms for the transfer (particularly those relating to valuation and, if appropriate, insurance) are as favourable as possible. Seller's charges If the property is already mortgaged at the date of grant of the option agreement, there is a risk that the mortgagee may overreach the option by exercising its power of sale. Therefore ensure that the mortgagee either: • joins into the agreement (this is rare in practice), or • provides written consent to the granting of the option In either case, the mortgagee should confirm that if the buyer exercises the option it will acquire the property free from the charge or, if the mortgagee...

Discover our 49 Checklists on Lease

Excluded property from 6 April 2017—flowcharts

Excluded property from 6 April 2017—flowcharts These flowcharts are designed to help determine if an asset is excluded property for the purposes of UK inheritance tax (IHT) on or after 6 April 2017. The flowcharts consider whether an asset is excluded property or not, depending on the situs of the property and the domicile of the beneficial owner or settlor as appropriate. However, the detailed provisions relating to excluded property should be referred to and practitioners should also consider whether a double tax treaty may apply to override the excluded property regime depending on the particular circumstances of a matter. See Practice Note: Double taxation relief—summary. Conversely, unilateral relief from IHT may apply where a tax of a similar nature has already been levied in respect of the same asset by a foreign tax authority. For further information, see Practice Notes: Excluded property trusts—key events affecting IHT status and Situs of assets for succession and IHT. Situs of property The situs of an asset is important for determining the...

What rate of SDLT applies to my transaction?—Flowchart

What rate of SDLT applies to my transaction?—Flowchart This Flowchart assists with establishing which rate of stamp duty land tax (SDLT) applies to a transaction. There are various rates of SDLT that can apply to acquisitions of different types of property (residential, non-residential (commercial property) or mixed use property). This Flowchart should be read in conjunction with Practice Note: Rates of SDLT. This Flowchart assumes that: • the purchaser is acquiring one property and that the acquisition is not linked to any other transaction. For more on linked transactions see Practice Note: SDLT chargeable consideration—Linked transactions • no relief from SDLT applies to the transaction. For more on reliefs from SDLT, see Practice Note: SDLT—general reliefs and exemptions, and • to the extent that the property being acquired is residential: ◦ the acquisition is of a major interest in a dwelling that is not subject to a long lease and the consideration is £40,000 or more. For the meaning of major interest see Practice Note: Higher rates of...

Discover our 2 Flowcharts on Lease

Lease extension—the new lease

Where a landlord admits, or fails properly to dispute, the right of a qualifying tenant to acquire a new lease, the landlord is bound to grant, and the tenant is bound to accept, a new lease in substitution for the existing lease.The process of creating the new lease involves two stages:•settling the ‘terms of acquisition’, and•drafting the form of the new lease so as to give effect to the terms of acquisitionSettling the terms of acquisitionThe expression ‘terms of acquisition’ means any of the terms relating to the grant of the new lease to the tenant, ie:•any of the provisions of the lease•the amount of the premium payable by the tenant to the ‘competent landlord’ (ie the landlord who will be granting the new lease) and any intermediate landlordOnce the tenant has served a valid s 42 notice, the terms of acquisition can be settled in any one of the following ways:•the tenant can apply to the county court for an order that the proposals set out in the tenant’s...

Wales: Land transaction tax (LTT)—administration and compliance

Wales: Land transaction tax (LTT)—administration and compliance Land transaction tax (LTT) replaced stamp duty land tax (SDLT) in Wales with effect from 1 April 2018. This Practice Note highlights the administrative and compliance issues in relation to LTT including: • filing returns and payment • managing and collection of LTT by the Welsh Revenue Authority (WRA) • amendment and correction of returns • enquiries • assessments • penalties Where relevant, comparisons between LTT and SDLT are highlighted. The Practice Note expands on the basics of LTT set out in the Practice Note: Wales: Land transaction tax (LTT)—the basics. Provision for LTT is contained in the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (LTTADT(W)A 2017). Statutory references are to the LTTADT(W)A 2017 unless stated otherwise. Administration LTT is administered by the WRA. The WRA is a non-ministerial department of Welsh Government with its own board and staff. The WRA is headquartered in Merthyr Tydfil. LTT returns When a notifiable land transaction has been entered...

Discover our 259 Practice Notes on Lease

Ireland—Deed of assignment and conveyance—unregistered—freehold and leasehold

Ireland—Deed of assignment and conveyance—unregistered—freehold and leasehold Commencement Section 64(2)(a) of the Land and Conveyancing Law Reform Act 2009 (Ireland) (LCLRA 2009 (IRL)), provides that one of the criteria for establishing if a document is a deed is whether the document is described at its head with the appropriate wording such as ‘Conveyance’, ‘Assignment’, ‘Indenture’, ‘Deed’, etc. Date While it is usual practice to date a deed on the date of completion a deed actually takes effect on the date of its delivery. The concept of delivery means that it is possible for a deed to be valid even if it has not been dated. If a deed is not dated, external evidence is admissible to prove the correct date from which it was intended to operate. Where a date is inserted, it is presumed that this date is the date on which the deed took effect. However, this presumption may be rebutted by evidence to the contrary. See: Browne v Burton (1847) 17 LJQB 49 (not reported by Lexis+® UK). It is good...

Ireland—Heads of terms—sale—freehold or long leasehold

Ireland—Heads of terms—sale—freehold or long leasehold SUBJECT TO CONTRACT/CONTRACT DENIED Head of Terms (“Heads”) Sale of [insert] 1 Parties 1.1 Vendor [Insert name and (if applicable) company number] 1.2 Purchaser [Insert name and (if applicable) company number] 2 Property details 2.1 Property [Insert property description] 2.2 [ Title [Insert title number(s)]] 2.3 [ Lease The title to the Property is freehold held in fee simple/the title to the Property is freehold held subject to a Fee Farm Grant/the title to the Property is held under a lease for a term of [insert years] commencing on [insert date], made between [insert original parties] and dated [insert date].] 2.4 [ Occupational lease[s] Date Premises Current tenant Term end date Current annual rent (€)] Clause 3—Rights Use this clause if the sale is a sale of part or a sale of whole where the Vendor has adjoining land and rights and reservations will be required. See Precedent: Transfer of part clauses. 3 [ Rights 3.1 Rights granted [Insert details] 3.2 Rights...

Dive into our 315 Precedents related to Lease

When an organisation wishes to add several branches to its Sponsor Licence, can this be done ‘in bulk’ (via one report on the Sponsor Management System and then a single submission of supporting documentation relating to each of the new branches), or must an individual SMS report be made for each new branch?

When an organisation wishes to add several branches to its Sponsor Licence, can this be done ‘in bulk’ (via one report on the Sponsor Management System and then a single submission of supporting documentation relating to each of the new branches), or must an individual SMS report be made for each new branch? Practice Note: Applying for a sponsor licence under Workers and Temporary Workers: eligibility and suitability notes that an organisation which has different subsidiaries, location offices or campuses (all of which are termed 'branches' for these purposes) in the UK can choose to register: • all its branches together under one licence • all its branches separately, or • several of its branches together, eg by location The relevant section of the sponsor guidance is at Workers and Temporary Workers Sponsor Guidance, Part 1, Organisations with multiple branches. Where a sponsor wishes to add new branches subsequent to the grant of a licence, the Practice Note: Workers and Temporary Workers sponsor duties: sponsor changes of circumstances notes that...

Do I have time to serve an effective break notice, what form should it take and what is the method of service?

Do I have time to serve an effective break notice, what form should it take and what is the method of service? Scenario A client has just called to tell me that after some last minute management meetings, they would like to give notice urgently to end the lease of their HQ. The break clause states the following: ‘If the Tenant wishes to determine this Lease on the fifth anniversary of commencement of the Term and gives to the Landlord at least 6 months' prior written notice of that wish, then on expiry of the notice the Term is to cease and determine immediately, but without prejudice to any rights or remedies that may have accrued’ The Term commenced on 1 March 2009. It’s 2.30pm on Friday, 30 August 2013. Can I still serve notice effectively and what should I put in my notice? Timing • Determine what is the fifth anniversary of the Term. If the Term commenced ‘on’ (rather than ‘from’ 1 March 2009),...

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Property Disputes weekly highlights—5 June 2025

This week's edition of Property Disputes weekly highlights includes: Supreme Court decisions on the Building Safety Act 2022 and on undue influence, clarification from the Ministry of Housing, Communities and Local Government on roof gardens when assessing if a building is higher-risk, High Court decisions on a rates mitigation scheme and the validity of a contract, and a Court of Appeal decision in which it was held that section 234 of the Insolvency Act 1986 is inapplicable for repossession when property receivers have already been appointed.

UT decides enquiries into SDLT avoidance scheme were valid (Scatola and others v HMRC)

Tax analysis: In Scatola, the Upper Tribunal (UT) dismissed the taxpayers’ appeal against closure notices charging stamp duty land tax (SDLT) resulting from a failed avoidance scheme. It also allowed HMRC’s cross-appeal in respect of an alternative discovery assessment.

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