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In terms of section 77(1), save where provision to the contrary is made in any law, any lease or sublease of land or of any rights to minerals in land, and any cession of such a lease or sublease intended or required to be registered in the Deeds Registry, shall be executed by the lessor and the lessee, or by the lessee and the sub-lessee, or ...
An assignment does not necessarily have to be made in writing; however, the assignment agreement must show an intent to transfer rights. The effect of a valid assignment is to extinguish privity (in other words, contractual relationship, including right to sue) between the assignor and the third-party obligor and create privity between the obligor and the assignee.
In Roman law, ground rent (solarium) was an annual rent payable by the lessee of a superficies (a piece of land), or perpetual lease of building land. [5] In early Norman England, tenants could lease their title to land so that the land-owning lords did not have any power over the sub-tenant to collect taxes.
A lessee may sublease all or part of the leased property or assign the lease. In either case, they are bound to give the lessor notice of his intention and the name and address of the intended sublessee or assignee and to obtain the lessor’s consent to the sublease or assignment. [132]
For Residential building, Annual rent can be 6 to 9 per cent of total cost of the building at the time construction. For Non Residential building, Annual rent 9 to 12 per cent of total cost of the building at the time construction.
Few other European countries introduced any form of registration until the 19th century, and some areas in England and Wales had no system of public registration until 1990. [6] The result of the 1617 Act was the creation of the Register of Sasines, which was one of the most advanced systems of land registration at the time in Europe. [ 7 ]
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