Differences between a lease of the reversion and a reversionary lease
A practice note that clarifies the important distinctions between a lease of the reversion, a reversionary lease, a concurrent lease, and an overriding lease. This practice note examines the creation of a lease of the reversion, also known as a concurrent lease, which is granted out of a landlord's interest subject to an existing tenancy, establishing an intermediate landlord. It explores how this structure impacts the landlord and tenant relationship and how lease covenants are affected under the different legal frameworks for 'old tenancies' governed by the Law of Property Act 1925 (LPA 1925) and 'new tenancies' under the Landlord and Tenant (Covenants) Act 1995 (LTCA 1995). The note also explains the key differences between a lease of the reversion and an underlease in the context of forfeiture, defines a reversionary lease, and addresses the specific statutory meaning of an overriding lease under the LTCA 1995.
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