Leasehold estates

• Leasehold estate


  An interest in land that gives the tenant the right to exclusive possession for a fixed or determinable period of time
• Landlord


  The person who grants a lease to a tenant and retains the reversion in the property
• Tenant


  The person who is granted a lease by the landlord and has the right to exclusive possession of the property for the duration of the lease
• Term of the lease


  The period of time for which the lease is granted, which may be fixed or periodic
• Reversion


  The landlord's interest in the property that remains after the grant of a lease and reverts to the landlord when the lease ends
• Rent


  The sum of money payable by the tenant to the landlord in exchange for the right to occupy the property
• Lease agreement


  The contract between the landlord and tenant that sets out the terms and conditions of the lease
• Covenants


  Promises made by the landlord or tenant in the lease agreement, which may be positive (requiring the party to do something) or negative (prohibiting the party from doing something)
• Implied covenants


  Covenants that are not expressly stated in the lease agreement but are implied by common law or statute
• Leasehold covenants


  Covenants that run with the land and bind successors in title to the landlord and tenant
• Privity of contract


  The principle that only the original parties to a contract (i.e., the landlord and tenant) are bound by its terms
• Privity of estate


  The principle that a person who acquires an interest in the leased property (e.g., a new landlord or tenant) is bound by the covenants that run with the land
• Breach of covenant


  A failure by the landlord or tenant to comply with a covenant in the lease agreement
• Forfeiture


  The landlord's right to terminate the lease and recover possession of the property for breach of covenant by the tenant
• Waiver of breach


  Where the landlord, by words or conduct, waives their right to forfeit the lease for a particular breach of covenant by the tenant
• Relief against forfeiture


  The court's equitable jurisdiction to grant relief to a tenant against forfeiture of the lease, subject to conditions such as payment of arrears and costs
• Statutory protection for residential tenants

  Legislation that provides additional rights and protections for residential tenants, such as the Rent Act 1977, Housing Act 1988, and Protection from Eviction Act 1977
• Service charges


  Sums payable by the tenant to the landlord for services provided in connection with the property, such as maintenance, repairs, and insurance
• Assignment


  The transfer of the tenant's interest in the leasehold estate to a third party
• Subletting


  Where the tenant grants a sublease of part or all of the property to a third party for a term that is shorter than the main lease