72 MANAGEMENT OF ESTATES. 



reach the feller's price, the bidding is 

 inconclufive : the feller names his price, 

 and the highelt bidder has the firft option 

 of choice, or refufal. If he refufe, the 

 next higheft bidder takes his choice, and fo 

 of the reft : a fpecies of fale, which is very 

 convenient to the feliet; 



The eftirnate value of lands, for three 

 lives, is about eighteen years p.urchafe of 

 the neat rental value, or about fourteen 

 years purchafe of the grofs rent and taxes, 

 which laft life lelfees ufually engage to, 

 pay ; together with a fmall annual rent -, 

 and generally a heriot, forfeitable on the 

 death of each nominee, as has been men- 

 tioned. 



The purchafer has the right of transfer, 

 ^nd of letting the premifes to farm, from, 

 year to year, for a term of years, or during, 

 the term of the life leafe. Thus becomino; 

 a fort of iniddle man, between the proprie- 

 tor and the occupier. 



The leiTee ' for lives keeps up the build- 

 ings, feiices, gates, &c. (the proprietor 

 finding timber,) or is liable to pay for, 

 dilapidations. All coppice wood and 



under- 



