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peppercorn reny

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rachypops | 12:28 Fri 09th Dec 2005 | Quizzes & Puzzles
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what is peppercorn rent
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Avatar Image andy hughes
Peppercorn rent is an agreement to demonstrate that legally, the land is leasehold, not freehold. In order for a lease to be valis, the landlord must receive rent from the tennant - in the case where the landlord does not want rent, but merely to preserve the leasehold, he offers a 'peppercorn' rent - which means that no rent is actually received. the term comes from the days when the tennent would actually hand over one peppercorn, as notice of how small the rent is - but in modern times, it's the legal term for a 'gentleman's agreement'.
13:00 Fri 09th Dec 2005
Avatar Image andy hughes
Make that 'valid' - sorry.
13:00 Fri 09th Dec 2005
Avatar Image mightym
A nominal rent intended to demonstrate that a property is leasehold and not freehold. It may be as little as one peppercorn per year
11:18 Mon 12th Dec 2005

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