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Ground rent. As a legal term, ground rent specifically refers to regular payments made by a holder of a leasehold property to the freeholder or a superior leaseholder, as required under a lease. In this sense, a ground rent is created when a freehold piece of land is sold on a long lease or leases. [1] The ground rent provides an income for the ...
A triple net lease (triple-Net or NNN) is a lease agreement on a property where the tenant or lessee agrees to pay all real estate taxes, building insurance, and maintenance (the three "nets") on the property in addition to any normal fees that are expected under the agreement (rent, utilities, etc.). In such a lease, the tenant or lessee is ...
A leasehold estate is an ownership of a temporary right to hold land or property in which a lessee or a tenant has rights of real property by some form of title from a lessor or landlord. [1] Although a tenant does hold rights to real property, a leasehold estate is typically considered personal property. Leasehold is a form of land tenure or ...
A lease is a contractual arrangement calling for the user (referred to as the lessee) to pay the owner (referred to as the lessor) for the use of an asset. [1] Property, buildings and vehicles are common assets that are leased. Industrial or business equipment are also leased. In essence, a lease agreement is a contract between two parties: the ...
A ground lease is a wasting asset to the leaseholder because the value of the property declines relative to its long lease value as the lease becomes shorter. In the absence of legislation allowing leaseholders to extend their lease the property would revert to the freeholder upon expiry of the lease at which point the value of the leaseholder ...
The law. Under the traditional common law doctrine, the 99-year term was not seriously litteral, but merely an arbitrary time span beyond the life expectancy of any possible lessee (user) or lessor (owner). [1][2] William Blackstone (1723–1781, of Commentaries on the Laws of England fame) states that a lease was formerly limited to 40 years ...
In response to the ground rent scandal of the 2010s, the Leasehold Reform (Ground Rent) Act 2022 defines a peppercorn rent for the first time in English law as an annual rent of one actual peppercorn and limits ground rent on most new residential long leases to that amount. Besides there being no obligation for a landlord to actually levy the ...
Emphyteusis. Emphyteusis (Greek, 'implanting') or emphyteutic lease is a contract for land that allows the holder the right to the enjoyment of a property, often in perpetuity, on condition of proper care, payment of tax and rent. This type of real estate contract specifying that the lessee must improve the property for the nation or for its ...
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