360 Meaning of “lease” etc.U.K.
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(1)In this Part “lease” includes—
(a)an agreement for a lease if the term to be covered by the lease has begun, and
(b)any tenancy,
but does not include a mortgage (and “lessee”, “lessor” and “leasehold interest” are to be read accordingly).
(2)In the application of this Part to Scotland—
(a)“leasehold interest” (or “leasehold estate”) means the interest of a tenant in property subject to a lease, and
(b)any reference to an interest which is reversionary on a leasehold interest or on a lease is to be read as a reference to the interest of the landlord in the property subject to the leasehold interest or lease.