Talk:99-year lease
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Untitled
[edit]An anonymous comment on a message board describes the beginning of this practice:
The answer is that it was a tax evasion scheme to avoid paying feudal dues
incidental to selling land. The Statute of Uses of 1536 was a response to crafty common lawyers, who set up a system whereby the owner (A) would bargain and sale his land to another person (B, usually his lawyer), who would hold legal title of the land "for the use of" C. This could be done secretly and the goal was to avoid the public ceremonies of homage and fealty and livery of seisin, which triggered feudal dues to the King. The Statute of Uses executed all of the uses and fee simple vested with the beneficiary. At the same time, Henry VIII also passed the Statute of Enrolment (1536) and established the Court of Wards (1540) in order to register and record the titles to these fees and collect his taxes/feudal dues. About 1621, Sir Francis Moore invented the bargain and sale for long leasehold terms, which is the answer to your question. The Statute of Enrolments did not affect bargains for a term. By its operation, the bargainor is seised to the use of the termor, and the termor qcquires the legal term under the Statute of Uses (because a bargain and sale involves a 'use') without having to enter. Thus it was possible to convey secretly (and avoid feudal dues such as fines on alienation) by using two deeds: (1) a bargain and sale for a term, followed by (2) a release of the fee to the termor. Neither had to be enrolled under the Statute of Enrolment and neither need actual entry on the land for its completion. Hence the 99 year lease.
The property on which Yale is situated is an example of the 999 year lease.
This sounds plausible. Please include it if you can source this adequately - I can't. Lesqual (talk) 09:57, 7 May 2009 (UTC)
World Trade Center
[edit]The last sentence on the World Trade Center is wildly off topic ... insurance claims etc have nothing to do with 99 year leases.
I suggest deleting it, especially given that it lacks any citation whatsoever. 124.170.61.85 (talk) 10:26, 11 June 2015 (UTC)