Lease On Life Lawyers For Landcorp

2272 Words Sep 8th, 2014 10 Pages
MEMORANDUM
Lease on Life Lawyers for Landcorp ( 'LC ')

1. Q1
Assignment - Must LC recognise the option?
Upon the valid transfer and settlement regarding title to the reversionary interests to the land, all rights and obligations are assigned to LC. Covenants already entered into by the previous owner OT, will be deemed to have been made on behalf of the successors of the title. With case authority asserting that LC will be subject to all covenants that touch and concern the land, and that options to renew a lease are considered to be covenants relevant to land, it can be established here that LC is entitled to enforce rent payments, and is required to recognise the option to renew covenanted between OT and Tom.

Lease status
A registered proprietor holds paramount interest of a lot; subject only to other registered interests and exceptions whilst unaffected by those unregistered. The effect of the 13 June purchase registration then, is that LC is granted indefeasible title, which prima facie precludes their interest from being subject to Tom 's unregistered lease with Office Tower ( 'OT '). However it should be mentioned, that the original arrangement between Tom and OT was a fixed term lease with a specified duration not exceeding 3 years, which can be categorised as a short-lease under statute. A short-lease does not require registration, and is an express exception to indefeasibility of title, which operates to render LC 's interests in the land subject to…

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