Registered Lease Law and Legal Definition
A registered lease is a leasehold interest in real property which is recorded in the official registry of a government body responsible for land filings. By registering a lease, the public is put on notice of any restrictions and covenants that attach to the lease, such as restrictions on transfer, options to renew or purchase, or easements associated with the lease, among others. Registration may also have tax implications. Laws governing registered leaseholds vary by jurisdiction.
The following is an example of one country's law governing registered leases:
(1) A separate register of leasehold land shall be kept and,
(a) any person who has contracted to buy for the person’s own benefit leasehold land held under a lease for a life or lives, or determinable on a life or lives, or for a term of years of which at least twenty-one are unexpired, or in respect of which the lessee or the lessee’s assigns is or are entitled to a renewal term or succession of terms amounting with the part unexpired of the current term to at least twenty-one years, or to a renewal for a life or lives, whether or not subject to encumbrances;
(b) any person entitled for the person’s own benefit, at law or in equity, to leasehold land held under any such lease whether or not subject to encumbrances; or
(c) any person capable of disposing for the person’s own benefit by way of sale or leasehold land held under any such lease whether or not subject to encumbrances, may apply to the land registrar to be registered or to have registered in the person’s stead any nominee as owner of such leasehold land, with the addition, where the lease under which the land is held is derived immediately out of freehold land and the applicant is able to submit for examination the title of the lessor, of a declaration of the title of the lessor to grant the lease under which the land is held, if, in the case of leasehold land contracted to be bought, the vendor consents to the application.
