LEASE. 
deduced therefi'om will vary according as 
t!ie annual rent of the estate varies. On 
this point, difficulties will sometimes arise ; 
for the value of an estate, depending very 
often on some real or supposed advantages, 
or on some local or personal recommenda- 
tions, will, in many instances, occasion a 
difference of opinion ; and, in most cases, 
be a matter of some uncertainty. Some 
annual rent must, however, be fixed upon 
as the fill sum for which the estate would 
let, and this rent being multiplied by the 
sura in the Table, corresponding with the 
term of years, gives the present value of the 
lease. Thus, if a house lets for 50Z. per ann. 
to find the value of a lease thereof for 21 
years, reckoning intej'est at 6 per cent, mul- 
tiply 50 by 11,764 (the sum in the table cor- 
re.sponding with 21 years) which gives the 
answer 588Z. 4s. It frequently happens that 
the rent of an estate is charged with some 
animal expense, such as a reserved or quit- 
rent, the payment of an annuity, taxes, and 
the like; in such cases, the various charges 
must be first deducted from the rent re- 
ceived, and the remainder, or nett-rent, 
only, be multiplied by the number of years 
purchase in the table. 
Exmnple. A person holds a lease, for 35 
years, of premises which let for 120Z. per 
annum, out of which he pays 171. 10s. for 
ground-rent, and 41. 10s. for land-tax ; what 
should he require for the lease, allowing the 
purchaser to make 7 per cent, interest of 
his toohey ? The payments to which the 
rent is subject being deducted, leave a nett- 
rent of 981. which multiplied by 12,948 
(the sunt in the table corresponding with 
35 years) gives 12681. 18s. 
To find the annual rent corresponding to 
any given sum paid for a lease, divide the 
.sum by the number of years purchase in 
the table against the term of the lease; and 
under the rate of interest intended to be 
made of the purchase money ; the quotient 
will be the annual rent required. 
Example. A person is asked 12501. for a 
lease of 30 years, what annual rent is equi- 
valent thereto, allowing the purchaser to 
make 6 per cent, interest of his money ? 
Divide 12501. by 13,763, the years purchase 
in the table, under 6 per cent, interest, and 
the answer is 901. 16s. M. 
It frequently happens that a tenant is 
desirous of having the term of his lease 
renewed before the old lease expires ; and 
if the estate has increased in value since it 
has been in his po.ssession ; it is common, in 
such cases, for the landlord to demand 
cither ax increase of the rent, or a gross 
sum called a fine, to be paid down in one 
immediate payment for such renewal. In 
many leases, particularly those held of col- 
leges and other public bodies, it is cove- 
nanted that renewals shall be granted at 
the end of a certain number of years, on 
payment of a fine to be then agreed upon 
between the parties ; the annual rent of 
the e.state continuing the same. This fine 
is often a subject of dispute, arising princi- 
pally from a difference of opinion respecting 
the improved aumud value of the estate, or 
respecting the rate of interest, which each 
party is endeavouring to make of liis money. 
The former, in some cases, is liable to un- 
certainty; but, if the latter is once agreed 
upon, the valu^ of the fine, which ought to 
be given for renewing a lease of any yearly 
rent, can, in all cases, be exactly deter- 
mined. 
It is well knowm that when a lease is in- 
tended to be renewed, snch lease is sur- 
rendered or delivered up, and a new lease 
of the estate is granted for a term of y ears 
which mchides both the unexpired terra of 
the old lease, and the additional term pro- 
posed to be renewed. Now the vaine 
wliich ought to be given for the grant of 
suclr additional term, will evidently be 
equal to the difference between the value 
of the lease for the whole term, and the 
value of the unexpired part thereof, of 
which tlie tenant is in actual possession: 
thus, if a person holds an unexpired term of 
twenty years in a lease, and is desirous of 
having ten years more added to it, or of 
having a new lease granted for the term of 
thirty years ; the fine, or gross sum, which 
he ought to pay for such renewal will be 
equal to the difference between the value 
of a lease for the whole terra of thirty 
years, and the value of a lease for the unex- 
pired twenty years ; tliis will be easily found 
from the preceding table. 
Example. What fine ought to be given to 
the landlord for adding seven years more 
to a lease, of which 14 years are imexpired ; 
allowing tlie tenant 6 per cent, interest for 
his money ? The whole term for which the 
new lease is to be granted is 21 years, and 
the value of a lease for this terra, is, by the 
table under 6 per cent, interest 11,764 ; 
the value of a lease for fourteen years is 
found in the same column to be 9,293, and 
this subtracted from the former sum leaves 
2,469 for the number of years purchase 
which ought to be given for the fine requir- 
ed. If, therefore, the improved rent of the 
estate, or the present value beyond the rent 
payable under the lease, is 501. per anuun) 
