Peppercorn Rent

Peppercorn Rent definition

/ˈpɛpəkɔːn/ /rɛnt/

What does Peppercorn Rent mean?

A token or nominal rent (eg a peppercorn, red rose, £1.00) paid by way of consideration in order to form a legally binding lease contract and create a legal relationship between landlord and tenant.

Peppercorn Rent explained

It is often used in place of a ground rent, or where the tenancy is essentially to be ‘rent free’ and is common where a premium is payable for the lease, although tends to be found only in older leases. In theory the rent can be demanded, but in practice there is no rent to pay, and the landlord need make no effort to collect it.

Variances

Nominal Rent
Token Rent

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