A tenancy or lease for a fixed period. The date of commencement and the length of a lease must be agreed before there can be a legally binding lease. It may take effect from the date of the grant, an earlier date, or a date up to 21 years ahead (see future lease). At the end of the fixed term, the lease or tenancy comes to an end automatically: there is no need for a notice to quit. However, if the tenancy is an assured tenancy, it will continue at the end of the term as a statutory periodic tenancy unless it is brought to an end by surrender of tenancy or a court order. If the tenant remains in possession after the end of the term, a tenancy at sufferance or a tenancy at will may arise; if the landlord accepts periodic payments of rent from the tenant after the end of the term, a periodic tenancy may arise. See also half a year; long tenancy.