Leasehold estate

About: Leasehold estate is a research topic. Over the lifetime, 1589 publications have been published within this topic receiving 21480 citations. The topic is also known as: leasehold & tenancy.

Land value evaluation device

Abstract: PROBLEM TO BE SOLVED: To provide a land value evaluation device which can easily evaluate a land value of a targeted place in a short time. SOLUTION: A storage means 11 stores publicly assessed lands information such as a position, use district, lot area, specified building coverage, and specified floor area ratio, leasehold properties information such as a position, use, floor area, monthly rent, the numbers of months for a premium and a deposit, and construction information such as a standard price scale table relating to a building which can be built on the land, layer-structure table, and construction period table. An operation means 20 assesses a land attribute of the targeted land based on the publicly assessed lands information when position of the targeted land is input using an input means 11. The operation means 20 then assesses a building attribute of a leasehold property which can be built on the land based on the land attribute and the construction information. According to the building attribute and the leasehold properties information, a land value of the targeted place is evaluated by assessing net income obtained by rents of the leasehold property. COPYRIGHT: (C)2003,JPO

Enforceability of leasehold covenants: more questions than answers

Abstract: The enforceability of the convenants in a lease after an assignment, whether by the landlord or the tenant or both, is a matter of considerable practical importance. In the case of long leases, assignments of the leasehold estate and of the reversion are a common occurrence; both will often change hands many times before the end of the term, creating a welter of potential parties to any action on the covenants. In addition, there may be sureties who have undertaken to guarantee performance of the tenant's covenants. The basic principles governing the parties' rights and liabilities in this field under the present law are well known, centring upon privity of contract, privity of estate and upon statutory rules found in ss 141 and 142 of the Law of Property Act 1925. The area is one of vital commercial significance to landlords, and which potentially affects the residential security and amenity enjoyed by tenants (in the case, for example, of landlords' covenants to renew or to repair). It is also a field in which many of the issues and concepts have been the subject of judicial and academic consideration for more than a century, yet a surprising number of uncertainties remain. The law consists of a complex set of rules, which together form something resembling an intellectual jigsaw puzzle, and one from which several pieces are still missing. The aim of the first part of this article is to highlight some of these gaps.

Long-Run Impacts of Land Regulation: Evidence from Tenancy Reform in India

Abstract: Agricultural tenancy reforms have been widely enacted, but evidence on their long-run impact remains limited. In this paper, we provide such evidence by exploiting the quasi-random assignment of linguistically similar areas to different South Indian states that subsequently varied in tenancy regulation policies. Given imperfect credit markets, the impact of tenancy reform should vary by household wealth status, allowing us to exploit historic caste-based variation in landownership. Thirty years after the reforms, land inequality is lower in areas that saw greater intensity of tenancy reform, but the impact differs across caste groups. Tenancy reforms increase own-cultivation among middle-caste households, but render low-caste households more likely to work as daily agricultural laborers. At the same time, agricultural wages increase. These results are consistent with tenancy regulations increasing land sales to relatively richer and more productive middle-caste tenants, but reducing land access for poorer low-caste tenants.

The effect of ground rent and unexpired lease term on property values in Ghana

Abstract: Purpose: Although several factors influence property value determination depending on the market, relevant studies in Sub-Saharan Africa (SSA) often fail to analyse the impact of factors, such as unexpired term of leasehold interest and ground rent, which are also germane to market transactions and value determination. This study examines the effect of unexpired term of leasehold interests and ground rent on the valuation of residential properties in Ghana. Design/Methodology/Approach: A questionnaire instrument was used to collect the views of a sample of professional real estate valuers on the relevance of these and other factors that affect value. In addition, the valuers were tasked to value a residential property located in Accra, Ghana. OLS and Quantile regression models were thereafter used to analyse the data to determine the effect of the subject variables on value. Findings: The study finds a significant relationship between valuers’ views on the relevance of unexpired term of leasehold interest and the value placed on residential properties. Further, the respondents who viewed ground rent as an important factor in estimating values placed significantly lower values than those who viewed it as less important. Research Implications: The findings suggest that the respondents may have split opinion on the existing anecdotal evidence that market participants ignore the unexpired term of leasehold interest, an issue that should be settled in theory. The findings also highlight the diversity of opinion on some of the fundamental factors that affect value and the need to build consensus to prevent excessive variation in value estimates among valuers. Originality: The study makes a significant contribution in terms of extending the existing literature by analysing the impact of unexpired term of leasehold interests and ground rent on residential property values based on empirical data, issue(s) which have often been ignored by existing studies. Findings from the study also provide insights into additional possible causes of valuation errors in Ghana and SSA, which are useful for policy formulation and practice. Keywords: Effect, ground rent, leasehold, residential, unexpired lease term, valuation