- Victoria SaylesVictoria SaylesVisiting Lecturer, BPP and University of Law
Each Concentrate revision guide is packed with essential information, key cases, revision tips, exam Q&As, and more. Concentrates show you what to expect in a law exam, what examiners are looking for, and how to achieve extra marks. This chapter discusses the leasehold estate. A lease is one of the estates in land capable of being legal. Without both certainty of term and exclusive possession there can be no lease, although the presence of both does not necessarily mean that a lease exists. Formalities for the creation of a legal lease differ depending upon the duration of the lease. Where these formalities have not been met, an equitable lease may exist provided there is a valid contract capable of specific performance. An equitable lease is not as good as the legal equivalent. The most common types of leases are fixed term and periodic. The process of terminating a lease by forfeiture varies depending upon the type of covenant breached.