parol lease

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A lease that is made either orally or in writing, but not by deed, and fulfils certain conditions. These are that it takes effect immediately it is made; it is for a period less than three years; and it is at the full market rent. Periodic tenancies usually fulfil these conditions. Parol leases are the exception to the general rule that leases are not legally enforceable unless they are made by deed (Law of Property Act 1925 s 54(2).

Subjects: Law.

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