legal lease

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A contract or grant that creates an estate in land for a term of years absolute. A legal lease must normally be created by deed; however, there are no formal requirements for the creation of a legal lease for a term that takes effect in possession and does not exceed three years at a full market rent without a premium. Under the Law of Property Act 1925, the assignment of a legal lease of whatever duration must be effected by deed, otherwise it may only take effect as a contract to assign the term. A legal lease for more than seven years must be registered at the Land Registry (see land registration). Compare equitable lease.

Subjects: Law.

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