What Is a Perpetual Lease?
In a perpetual lease, the lessee always has the right to renew. Other terms used for this type of lease are "Glasgow lease" and "M?ori lease," and they are usually valid for 21 years, after which the tenant can choose to extend the contract.
Perpetual leases are used for certain properties for rent, the purpose of which can vary from lands being used to build houses or developed for businesses. Any such specific details are included in the contract signed by both parties. One reason why perpetual leases have been used by many is that they benefit all parties in terms of giving both certainty of income to landowners and certainty of tenure to lessees.