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 management reform in Addis Ababa, Ethiopia : implmentating a public leasehold system

Abstract: The post-socialist government in Ethiopia has been taking steps to institute market mechanisms in its system of land management and allocation. In 1993, the government established the legal basis for a public leasehold system in order to create conditions under which "land use rights" can have value. Prior to this land policy change, a system of public freehold predominated in which land could not be transferred in any way. Implementation of the new policy, however, did not begin until 1995 and thus far, has only occurred in the capital city of Addis Ababa. This thesis investigates the process of how a formal land market can be developed in Addis Ababa. The literature on emerging land markets tells us that institutions to sanction a system of verifiable, transferable, and enforceable property rights are often missing or poorly developed in post-socialist countries. However, policy prescriptions for developing such a system have tended to be based on observations of "institutionally mature land markets" which have evolved over a long time. The conceptual framework for this thesis is that in emerging market economies more effort should be devoted to issues of sequencing and devising short-term measures. Ethiopia's past urban land tenure history is characterized by two distinct institutions, private freehold and public freehold. The period of private land-holding, which was rooted in Ethiopia's early quasi-feudal tradition, conferred wealth, political power, and social status only to a minority who eventually came to dominate the urban property markets. Following the 1974 socialist revolution, the socialist military regime proceeded to set up an elaborate institutional framework that centralized all land management functions. Despite being distinctly different from each other, the centralization of decision-making about land ownership and use in both tenure regimes prevented a viable and efficient land management system from emerging. A third tenure regime has recently been implemented with the objective of restoring urban land markets throughout Ethiopia. As in past history, this institution confers significant responsibility and power to the government. At the same time, market mechanisms are being put in place to create an efficient land market. This thesis makes several recommendations for how such a system can be developed. With implementation of the lease scheme only one year old and with little knowledge about the current and past institutional structures, the question of how such a system will be developed deserves further investigation.

Mortgage and home equity insurances for home owners and rental insurancefor tenants

Abstract: Households face many different kinds of risks that are related to ownership and tenancy. Forinstance, home owners face both financial and capital risk, whereas tenants face risks relatedto rent lev ...

Lease Finance in Nigeria: Current Status, Challenges and Future Prospects

Abstract: Objective – The Leasing industry in Nigeria is witnessing increased demand for assets under a given prevalence of rising domestic costs of purchase, shortage of foreign exchange for imports as well as persistent depreciation of the Naira. The objective of this paper is to analyze the current state of lease financing in Nigeria, the prospects and challenges with a view to assess the capacity of the industry to continue to provide this form of finance. Design/methodology –The paper adopts an exploratory research design with references to publications, websites and research articles relevant to the subject matter. A number of relevant publications on leasing in Nigeria were duly explored. Results – Our findings show that, the volume of lease finance has consistently grown over the last 14 years (2005-2018). Finance leases volume totaled 1.68 trillion naira in 2018 alone. Banks as market participants in the Nigerian lease industry finance other non-bank lessors while the non-bank lessors account for about 80% of lease transactions mostly to Micro, Small and Medium Scale Enterprises (MSMEs). Funding remains a major challenge restricting provision of leases to general supporting equipment and constraining leases of specialized assets (big-ticket leases). Prospects for lease finance obtain in terms of rising popularity of operating leases with lessors and lessees, attributable to the inherent mitigation against default risk. There is also potential for a growing customer base beyond MSMEs, with the influx of patronage by listed corporate firms especially those in the healthcare and education sectors. We identified financing partnerships, development of sound corporate governance practices, hastened inauguration of the Equipment Leasing Registration Authority and increased sensitization of potential leasehold product consumers on the benefits of lease finance, as critical success factors for the lease industry in Nigeria.

Distress for Rent: An Archaic Remedy?

Abstract: The Housing Act 1988 clearly announced that reform of the institutional and legal structure of rented housing provision will be a major component of the Thatcher Government's ongoing reform of the welfare state. Within the public sector, the Act builds on central government efforts to reduce the role of council housing efforts which began with the Housing Act 1980 'right to buy' policy by enabling individual tenants, buildings, or estates to 'opt out' of local authority management and choose government-approved private landlords.1 The assault on local authority landlordism is further reinforced by the creation of government-appointed 'Housing Action Trusts' which will remove entire swathes of public sector housing from council control.2 In the private sector, the introduction of the 'assured' tenancy marks a clear restructuring of the rental contract in the landlord's favour, both by more closely aligning rents to market levels and by enhancing the landlord's capacity to repossess the premises.3 However, there is one aspect of the landlord and tenant relationship which the 1988 Act did not change the remedy of distress for rent. Distress is one of the few self-help remedies still extant within the legal system of England and Wales. Its mechanics are examined more fully below, but in essence it permits many landlords of commercial or residential property, whose tenants fall into arrears, immediately to seize and thereafter sell certain goods found on the demised property to satisfy the debt incurred. Unless the tenancy concerned is a protected tenancy under the Rent Act 1977, or an assured tenancy under the 1988 Act, the landlord need not seek a court order before levying distress.4 Landlords of other private sector tenants, of commercial premises, and in the public residential sector may act without any form of judicial approval. From a landlord's perspective, distress thus has several advantages when compared with the alternative remedies of a rent action or attempt to regain possession through the county court. Since no lawyers need be involved in the process, it can be both instantaneous in effect and extremely cheap.5

Share tenancy, external risk and labour use: A note on Pakistani data

Abstract: This article outlines a labour market based explanation of the institution of sharecropping. It is argued that two distinct rationales for sharecropping within the non‐tradable labour based explanation pertain to the supervisory labour endowments of land owners on the one hand and non‐supervisory family labour endowments of tenant households on the other. The validity of these rationales is tested at a macro level based on data computed for each district of the Punjab and Sind provinces in Pakistan. It is found that a labour market based explanation of sharecropping is important in the Pakistan context. The analysis has some regional and dynamic implications as well.