SETTLED LAND ACT 1882

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SETTLED LAND ACT 1882 - SECT 8



8.(1) Every building lease shall be made partly in consideration of the
lessee, or some person by whose direction the lease is granted, or some other
person, having erected, or agreeing to erect, buildings, new or additional, or
having improved or repaired, or agreeing to improve or repair, buildings, or
having executed, or agreeing to execute, on the land leased, an improvement
authorised by this Act, for or in connection with building purposes.

(2) A peppercorn rent or a nominal or other rent less than the rent ultimately
payable may be made payable for the first five years or any less part of the
term.

(3) Where the land is contracted to be leased in lots, the entire amount of
rent to be ultimately payable may be apportioned among the lots in any manner;
save that

(i)The annual rent reserved by any lease shall not be less than [50p]; and

(ii)The total amount of the rents reserved on all leases for the time being
granted shall not be less than the total amount of the rents which, in order
that the leases may be in conformity with this Act, ought to be reserved in
respect of the whole land for the time being leased; and

(iii)The rent reserved by any lease shall not exceed one-fifth part of the
full annual value of the land comprised in that lease with the buildings
thereon when completed.

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Northern Irish Legislation

SETTLED LAND ACT 1882 - SECT 8