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Why A Lease For 10,000 Years?
3 Answers
Unsure if this question should be posted here or in the History section so submitted in both.
In 1859 a landowner leased a small piece of land to a chap on which to build a house. The lease was for 10,000 years at a peppercorn rent. Whilst I understand what a peppercorn rent was two questions spring to mind with this agreement that I hope someone may be able to answer.
1. Why purpose does such a long lease serve. Why 10,000 years and not 99 or 100 or even 500?
2. Why would a landowner practically give away a piece of land for which he could otherwise receive a regular monetary rent?
Thanks.
In 1859 a landowner leased a small piece of land to a chap on which to build a house. The lease was for 10,000 years at a peppercorn rent. Whilst I understand what a peppercorn rent was two questions spring to mind with this agreement that I hope someone may be able to answer.
1. Why purpose does such a long lease serve. Why 10,000 years and not 99 or 100 or even 500?
2. Why would a landowner practically give away a piece of land for which he could otherwise receive a regular monetary rent?
Thanks.
Answers
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Just a guess but the land might have been entailed into an estate which would mean that the person who owned it at the time couldn't sell it. The person who leased it might have made a very generous "gift" to the person they leased it from or might have purchased....oh a horse or a bull or a carriage....anything really and paid a really big price for it, a price that might have been enough to purchase that piece of land were it possible for the owner to sell it wink wink.
Good idea Woofie
Entails stopped by Law of Property Act 1925 - so could be.
:aurence Llewellyn Bowen's fambly - his aunt Kitty is swindled out of 'HER' money, involves a father in law not being able to alienate land and leave ( actually his wife's ) property to whomever he liked - Kitty in this case. So Kitty gets nix. And carries with her the idea of being swindled for the rest of her life....The prog is still available on the beeb site but is a bit garbled.
I tracked down the case and thought blimey thank god for the LPA.....
Oh, and the head lease may not have been freehold -
nemo dat qui non habet and that jazz - so he couldnt grant a free-hold
Entails stopped by Law of Property Act 1925 - so could be.
:aurence Llewellyn Bowen's fambly - his aunt Kitty is swindled out of 'HER' money, involves a father in law not being able to alienate land and leave ( actually his wife's ) property to whomever he liked - Kitty in this case. So Kitty gets nix. And carries with her the idea of being swindled for the rest of her life....The prog is still available on the beeb site but is a bit garbled.
I tracked down the case and thought blimey thank god for the LPA.....
Oh, and the head lease may not have been freehold -
nemo dat qui non habet and that jazz - so he couldnt grant a free-hold
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