Building Lease - Definition - Law Dictionary Home Dictionary Definition building-lease

Definition :

Building lease, a lease of land for a long term of years, usually 99, at a rent called a ground rent, the lessee covenanting to erect certain buildings thereon according to specification, and to maintain the same, etc., during the term. At the end of the term, the land, with the buildings upon it, reverts to the lessor and his assigns. By 45 & 46 Vict. c. 38, s. 2(10)(iii), a building lease is defined as a lease for the erecting and improving of, and the adding to and the repairing of, buildings, and by the Law of Property Act, 1925, s. 205, as a lease for building purposes or purposes connected therewith. Such leases of settled land are regulated by the Settled Land Act, 1925, s. 44, and (as to leases by mortgagees), by s. 99, sub.-ss. 58 (3), (9) and (10) of the (English) L.P. Act, 1925. See the (English) Landlord and Tenant Act, 1927 (17 & 18 Geo. 5, c. 36), s. 2(1), in connection with a tenant's claim for compensation for improvements.