Case Of Prudential Assurance V London Residuary Body

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A lease can be defined to be a ‘term of years absolute’, as stated under section 205(1) (xxvii) LPA 1925. The tenant has a right against the landowner, despite the fact that they don’t have an estate. This right is enforceable against the landlord, if thus there is a deed. Fixed term leases and periodic tenancies, providing that the terms of the lease are certain are the types of leases. A fixed term lease, have a fixed maximum duration. For example, Lace v Chantler, involved landlords leasing to tenants, for the ‘duration of the war’, which were held void and was later decided for ‘fixed term of 10 years’. In periodic tenancies, certainty can be created by giving a notice to quit. An example can be shown from the case of Prudential…show more content…
An important point that could be made here is the fact that in terms of revocability, the law is not so clear, making the whole idea controversial, due to the fusion of law and equity. A famous case that can be picked up is Wood v Leadbitter. The controversy arises due to the fact that it was before 1874. As if it was after, they could have provided him in equity, an equitable injunction. If we were to look at this scenario as a lease, it may be suggested that even if this was a lease, as we now have equity, there would still be some sort of remedy provided, which may suggest why it is not as important to distinguish between a license and a lease. Exclusive possession could perhaps be the ‘foundation of the lease/license distinction’. Street v Mountford is perhaps of paramount importance when analysing the concept of exclusive possession. Lord Templeman, had argued that where ‘exclusive possession’ was granted at a premise in land, for a term at a rent for a specific period, then a lease is granted. The judgment was based on whether the intentions of the parties was of significance matter thus it was stated to be a ‘licence’. It was held to be a lease. As a result, the tenant was protected by the Rent Act, which had provided the tenants with protection in the land. This is perhaps one of the most important reasons why it’s important to distinguish between a lease and a license as it

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