3 year® from Hie tnakiug, whereupon the re- 
served rent must be at least two-thirds of Hie 
improved value, must be in writing, though 
no particular term of words is necessary to 
constitute a good lease. 
They must be made to natural-born sub- 
jects of this realm, or such as have been natu- 
ralized, or to denizens, for all leases made to 
aliens shall be void; and there is even a sta- 
tute in force, 3'2 Hen. c. 16, which 
imposes a penalty of 5/. on the lessor and 
lessee. It lias however been held that an 
alien merchant may take a house for his own 
residence, but it shall not go to his executors ; 
the reasons for these laws are evidently to 
prevent foreigners getting too firm a footing 
in the kingdom. 
Lease and release is a conveyance which 
since the stat. 27 Hen. \ 111. c. 10, common- 
ly called the statute of uses, lias, taken place 
of the deed of feoffment, as it supplies the 
need of livery and seisin. It is made thus: 
A lease or bargain and sale for ©ne year, 
from the tenant to the lessee, is first prepared, 
whereby the lessee becomes actually pos- 
sessed of the lands, then by the above-men- 
tioned statute the lessee is enabled to take a 
grant of the lands intended to be conveyed to 
him and his heirs for ever; accordingly a 
release is made, reciting the lease and "de- 
claring the uses. In the lease, a pepper- 
corn is a good consideration to make the 
lessee capable of receiving a release. This 
mode of conveyance is become so usual, that 
it merits peculiar attention. See this mat- 
ter very ably discussed by the annotator of 
the latter part of Coke’s Commentaries, p. 
571, No. 1. 
LEASES, value of. The purchaser of a 
lease may be considered as the purchaser of 
an annuity equal to the rack-rent of the 
estate; and the same principles, from which 
are deduced the present value of annuities 
to continue during any given term, will ap- 
ply to the value of leases. The sum paid 
down for the grant of a lease is so much 
money paid in advance for the annual rents, 
as they may become due ; or, it may be con- 
sidered as a sum which put out to interest, 
will enable the lessor to repay himself the 
rack-rent of the estate, or the yearly value 
of his interest therein, during the given 
term ; therefore no more money should be 
demanded by the lessor, for the grant of the 
lease, than will enable him to do this at a 
given rate of interest*. In order to find what 
this sum should be it would be necessary to 
ascertain separately the present value of each 
annual rent, or the sum which, put out to 
interest at the given rate, will enable the land- 
lord to repay himself the several yearly rents 
as they become due. Thus, if a person has 
100/. due to him a twelvemonth hence, and 
he wishes to have the value of the same ad- 
vanced immediately, the sum that ought to 
be given as an equivalent thereto, allowing 
5 per cent, interest, is 95/. 4s. 9%d . ; for this 
is the sum which, put out to interest at the 
rate of 5 per cent., will, at the end of the 
year, amount to 100/. So also, if a person 
has 100/. due to him at the end of two years, 
■ and he wishes to have the value advanced 
immediately, tire sum that ought to be given 
as an equivalent thereto, is 90/. 1 4s. fd. for 
this is the sum which put out at the same 
rate of interest, will, at the end of two years 
amount to 100:. In the same maimer, if a 
\’OL. II. 
LEASES. 
person lu.s 100/. due to h’m, al the end of 
three years, and he wishes to have the value 
of the same immediately, the sum that ought 
to be given as an equivalent thereto, is 86/. 
7 s. 8 d. for this is the sum which put out at 
the same rate of interest, will, at the end ot 
three years, amount to 100/. And if these 
three values are added together, they amount 
to 272/. 6v. 6;', which is the sum Unit ought 
to be paid down for the lease of an estate for 
three years, of the annual rent of 100/. Had 
the rate of interest been 6 per cent, or anv 
higher rate, the answer would have come out 
less than the value above given; or, had it 
been 4 per cent, or any lower rate, the an- 
swer would have come out more than such 
value; whence it is obvious, that, in pur- 
chases of this kind, we ought previously to 
determine the rate of interest at which" we 
are disposed to lay out our money. The 
value of leases at 5 per cent, compound in- 
terest, may be found from table 2, article 
Annuities ; but as most persons in purchas- 
ing leases expect to make somewhat more 
than 5 per cent, interest of their money, the 
following table is more applicable to this 
purpose. 
TABLE, 
Shewing the Number of Years Purchase that 
ought to be given for a Lease, for any Num- 
ber of Years not exceeding 100, at 6, 7, and 
8 per Cent. Interest. 
5; 
Years 
6 per Cent. 
7 per Cent. 
8 per Cent. 
1 
.9433 
.9345 
.9259 
2 
1.8333 
1.8080 
1.7832 1 
S 
2.6730 
2.6243 
2 5770 
4 
3.4651 
3.3872 
3.3121 
5 
4.2123 
4.1001 
8.9927 
6 
4.9173 
4.7665 
4.6228 
7 
5.5 823 
5.3892 
5.2063 
8 
6.2097 
5.9712 
5,74 66 
9 
6.8016. 
6 5152 
6.2468 
10 
7.3600 
7.0235 
6.7 100 
11 
7.8868 
7.4986 
7.1389 
12 
8.3838 
7.9426 
7.5360 
13 
8.8526 
8.3576 
7.9037 
14 
9.2949 
8.7454 
8.2442 
15 
9.7122 
9.1079 
8.5594 
16 
10.1058 
9.4466 
8.8513 
17 
10.4772 
9.7632 
9.1216 
18 
10.8276 
10.0590 
9.3718 
19 
11.1581 
10.3355 
9.6035 
20 
11.4699 
10.5940 
9.3181 
21 
11.764Q 
10.8355 
10.0168 
22 
12.0415 
11.0612 
10.2007 
23 
12.3033 
11.2721 
10.3710 
24 
12.5503 
11.4693 
10.5287 
25 
12.7833 
11.6535 
10.6747 
26 
13.0031 
11.8257 
10 8099 
27 
13.2105 
11.9867 
10.9351 
28 
13.4061 
12.1371 
11.0510 
29 
13.5907 
12.2776 
11.1534 
30 
13.7648 
12.4090 
11.2577 
31 
13.9290 
12.5318 
11.3497 
82 
14.0840 
12 6465 
1 1.4S49 
S3 
14.2.302 
12.7537 
11.5138 
34 
14.3681 
12.8540 
1 1.5869 
35 
14.4982 
12.9476 
11.6545 
36 
14.6209 
13 0352 
11.7171 
37 
14.7367 
13.1170 
11.7751 
33 
14.8460 
13.1934 
11.8288 
39 
14.9490 
18.2649 
11.8785 
40 
15.0462 
13.3317 
11 9246 
41 
15.1380 
13.3941 
11.9672 
42 
15.2245 
13.4524 
12.0066 
43 
15.3061 
13.5069 
12.0432 
44 
15.3831 
13.5579 
12.0770 
45 
15.4558 
13 6055 
12.1084 
46 
15.5243 
13.6500 
Ii 
12.1374 
TABLE (continual). 
Year? 
6 per Cent. 
7 per Cent. 
8 per Cent. 
47 
15.5890 
18.6916 
r 
12.1 <>42 
48 
1 5.6500 
13 7304 
12.1891 
49 
15 7075 
13 7667 
12.2121 
50 
15.7618 
13.8007 
12.2334. 
51 
15 8130 
13.8324 
12.2.532 
52 
15.8613 
13.8621 
12,2715 
53 
15.9069 
13.8898 
12.2884 
54 
15.9499 
13.9157 
12.3041 
55 
15.9905 
13,9399 
12.3186 
56 
16.0288 
IS 9625 
12.3320 
57 
16.0649 
13.9837 
12,3 l i t 
58 
16.0989 
14.0034 
12.3550 
59 
16.1311 
14.0219 
12 3669 
60 
16.1614 
14.0391 
12.376.5 
61 
16.1900 
14.0553 
12.3856 
62 
16.2170 
14.0703 
12.3941 
63 
16.2424 
14 0844 
12.4020 
64 
16.2664 
14.0976 
12.4092 
65 
16.2891 
14.1099 
12.4159 
66 
16.3104 
14.1214 
12 4222 
67 
16 3306 
14.1321 
12.4279 
68 
16.3496 
14.1422 
12.4333 
69 
16.3676 
14.1516 
12.4332 
70 
16.3845 
14.1603 
12.4428 
71 
16.4005 
14.1685 
12.4470 
72 
16.4155 
14.1762 
12.4509 
73 
16.4297 
14.1834 
12.4546 
74 
16.4431 
14.1901 
12.4579 
75 
16.4558 
14.1963 
12.4610 
76 
16.4677 
14.2022 
12.4639 
77 
16.4790 
14.2076 
12.4666 
78 
16.4896 
14.2127 
12.4691 
79 
16.4996 
14.2175 
12.4713 
80 
16.5091 
14 2220 
12.4735 
81 
16.5180 
14.2261 
12.4754 
82 
16.5264 
14.2300 
12.4772 
83 
16.5343 
14.2337 
12.4789 
84 
16.5418 
14.2371 
12.4805 
85 
16.5489 
14.2402 
12.48 1 9 
86 
16.5556 
14.2432 
12.4833 
87 
16.5618 
14.2460 
12.4845 
88 
16.5678 
14.2486 
12.4856 
89 
16.5734 
14.2510 
12.4867 
90 
16.5787 
14.2533 
12.4877 
91 
‘16.5836 
14.2554 
12.4886 
92 
16.5883 
14.2574 
12.4894 
93 
16.5928 
14.2592 
12.4902 
94 
16.5969 
14.2610 
12.4909 
95 
16.6009 
14.2626 
12.4916 
96 
16.60-16. 
14 2641 
12.4922 
97 
1C.6081 
14.2655 
12.4928 
98 
16.6114 
14 2668 
12.4933 
99 
16.6145 
14.2680 
12.4938 
100 
16.6175 
14.2692 
12.4943 
In 
order to find 
the value of 
a lease, it is 
first necessary to ascertain the true rack- 
rent of the estate, or the annual value that it 
may be justly estimated to be worth ; other- 
wise it will be impossible to determine, with 
any degree of accuracy, the real sum which 
ought to be given for the purchase of the 
same. On this point difficulties will some- 
times arise ; for, the value of an estate de- 
pending very often on some real or supposed 
advantages, or on some local or personal 
recommendations, will, in many instances, 
occasion a difference of opinion ; and in most 
cases, be a matter of some uncertainty. 
However, when al! these circumstances have 
been taken into consideration, some annual 
rent equivalent thereto must he assumed, and 
when this is settled the value of the lease 
will be easily found ; thus, if an estate is 
worth 150/. yearly rent, the value of a lease 
thereof for sixty-nine years, allowing the pur- 
chaser 6 percent interest for his money.' is 
16,3676 (the number in the table) multiplied 
