Reminds me of the 'off by one' joke in CS. It actually is a 1000 year lease. The first year of the lease is year 0. So you make 999 lease payments and you have paid for all years up to and including year 999. The lease gets renewed at year 1000.
Its a terms thing, in a one year lease, let's say you sign it in December, and pay for the month of January. Now each month you make a payment for the "next" month, so in November (month 11) you make the final payment for December.
You have made 12 payments but the last one was in month 11. The first payment was made in month "0" :-) it happens "outside" the lease range.
In a 99 year lease (the more common ones) you make your first year payment and then the lease starts. Then you make 99 more payments and at the end of the last year the least ends. Which will be the 100 year anniversary of the start of the lease.
Well, why do we generally call two year leases two year leases, but thousand year leases 999-Year leases? Where is the cutoff point where we switch terminology?
This isn't just a historical phenomenon, given that the Millennium Dome (opened in 2000) was also granted one. I wonder what the point of it is - are local governments in the UK not allowed to gift or sell land, only lease it?
UK land is technically "owned" by the Crown Estate [1], and revenue goes to the British government. The royal family get a percentage of this (called the Sovereign Grant [2]; née Civil List [3]).
the Guinness Factory (https://en.wikipedia.org/wiki/Guinness_Brewery) has a 9000 year lease... they pay IRL£45 per year for the lease... Not sure what that works out in Euro with inflation...
"The 9,000 year lease signed in 1759 was for a four-acre brewery site. Today, the brewery has expanded to cover over 50 acres. The 1759 lease is no longer valid as the company purchased the lands outright many years ago. So don't worry, we're not planning on going anywhere."
This isn't just a UK thing. Well the 999-year lease is a UK/Commonwealth thing, but I've worked in NYC real estate, and a lot of projects have multiple hundred year leases.
And interestingly enough, there is a 99-year lease which the 99-year term was not literal, but merely an arbitrary time span beyond the life expectancy of any possible lessee (user) or lessor (owner). [1]
I believe I read somewhere (and it is one of the related articles on the page) that it was the 99-year lease that actually caused Hong Kong to lapse back to Chinese control.
My house is on land that’s on a 999 year lease since 1870(ish) from the county that moved boundaries 40 years ago...and we have no idea who the the lease holder is... so that’s fairly perpetual
Generally, yes. You can sell the building on the land (which you own) and transfer the lease (sometimes for a fee, sometimes not). My family has a cabin North of Seattle, WA (USA) that is on land that a non-profit cultural association just renewed a 99 year lease on from a railroad (I forget which one). So long as you abide by the org rules sales are easy. I do not know how universal such set-ups are.
Guinness/Diageo in Dublin have one of these. A whole chunk of the city around Dublin 8. I think they had an advert that they are 250 years of their way through it.
it was, but it got converted to a normal purchase.
The funnier part is that they (Diageo, the owners of Guiness) discussed moving out of the original brewery and the people got so angry that Diageo realized they had to keep it open.
A common thing in Singapore. Almost everything since the 60s has 99 or 999 year lease. HDBs in places like matter which are over 50 year old have low property processes even though it is a few stop to the down town.
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[ 3.3 ms ] story [ 61.7 ms ] threadWhen I sign a 1-year lease on real estate, it's 1 year, not 2 years.
You have made 12 payments but the last one was in month 11. The first payment was made in month "0" :-) it happens "outside" the lease range.
In a 99 year lease (the more common ones) you make your first year payment and then the lease starts. Then you make 99 more payments and at the end of the last year the least ends. Which will be the 100 year anniversary of the start of the lease.
[1] https://www.thecrownestate.co.uk/en-gb/resources/faqs/
[2] https://en.wikipedia.org/wiki/Sovereign_Grant_Act_2011
[3] https://en.wikipedia.org/wiki/Civil_list#United_Kingdom
https://www.guinness-storehouse.com/en/faq
And interestingly enough, there is a 99-year lease which the 99-year term was not literal, but merely an arbitrary time span beyond the life expectancy of any possible lessee (user) or lessor (owner). [1]
1: https://en.wikipedia.org/wiki/99-year_lease
The funnier part is that they (Diageo, the owners of Guiness) discussed moving out of the original brewery and the people got so angry that Diageo realized they had to keep it open.