The following Property Disputes Q&A produced in partnership with Martin Codd of Penningtons Manches Cooper provides comprehensive and up to date legal information covering:
The question does not clarify if this is an overriding lease granted to a former tenant or guarantor under section 19 of the Landlord and Tenant (Covenants) Act 1995 (LT(C)A 1995) or not.
If so, then this can be described as a lease of the reversion. This is to be contrasted with a reversionary lease. This response explains these different types of leases.
Sometimes the expression ‘concurrent lease’ is used and this has the same meaning as a ‘lease of the reversion’.
The reversion is the landlord’s interest (whether leasehold or freehold) in the property which is subject to an existing lease or leases. A lease of the reversion is therefore a lease granted out of that interest and will be granted subject to and with the benefit of the existing lease(s). If the new lease is for a term of more than seven years then it must be registered at the Land Registry.
So if A grants a lease to B, being the occupational tenant and the next day then grants a lease of the reversion to C then C becomes the intermediate landlord to B and C,’s lease sits above B’s lease.
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