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Key definition

Lease definition

What does Lease mean? In practice, a lease is an agreement by which a landlord grants a tenant exclusive possession of land or premises for a period, usually for rent. It creates the landlord–tenant relationship and a proprietary estate/right, unlike a licence. Across England & Wales and Northern Ireland, the test (Street v Mountford) centres on exclusive possession and a term certain; rent is not essential. Leases over three years generally require a deed; longer terms are registrable (in E&W, over seven years). Business tenancies may attract statutory security of tenure (E&W: Landlord and Tenant Act 1954; NI: Business Tenancies...

Option to purchase reversion in registrable lease: agreed notice or LR9.1?

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Q&As

The question refers to the Land Registration Act 2002 (the Act), which mandates registration for any Lease exceeding seven years. Absent registration, s 7(1) states the lease ‘becomes void as regards the ... grant .. of a legal estate’, while s 7(2)(b) states that ‘the grant … takes effect as a contract made for valuable consideration to grant … the legal estate concerned.’ The result is that the interest subsists only in equity. Consequently, non-registration affects not only the mutual rights of the contracting parties, but also whether a third party will be bound. By contrast, an Option does not require registration in order to operate between the parties. In effect, the legal title does not arise, but the arrangement survives as an equitable contractual right, binding the parties and potentially affecting third-party obligations...

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Web page updated on 27/05/2026

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Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

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