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KembaraXtra – Legal Terms – Legal Lease
A legal lease is a lease that meets the formal legal requirements to create a valid estate in land for a term of years absolute. Typically, it must be created by deed, although short leases (not exceeding three years at market rent without a premium) may be created informally.
For leases exceeding seven years, registration at the Land Registry is required. If the formal requirements are not met, the arrangement may still exist as an equitable lease, but it will not have the full legal status or protection of a legal lease.
A legal lease is a lease that meets the formal legal requirements to create a valid estate in land for a term of years absolute. Typically, it must be created by deed, although short leases (not exceeding three years at market rent without a premium) may be created informally.
For leases exceeding seven years, registration at the Land Registry is required. If the formal requirements are not met, the arrangement may still exist as an equitable lease, but it will not have the full legal status or protection of a legal lease.
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