Peppercorn Rent
This means a nominal or token rent – the minimum payment necessary to
establish the legality of an agreement. It usually arises where the lease is a
deed which does not need a significant consideration other than a token acknowledgement
to recognise the landlord and tenant relationship. In practice a peppercorn rent
is never demanded although occasionally a pedantic conveyancer may require the
collective arrears to be paid off (or at least included) as part of the financial
statement on completion of a sale.
D.Dunk Lewis & Graves
3/5 Chapel Street, Bridlington
East Yorkshire YO15 2DR
Tel: 01262 672 576
Fax: 01262 400 009
www.ddlgestates.co.uk
Email:
VAT Reg. No. 422 6047 80
