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The Pamphlet Collection of Sir Robert Stout: Volume 71

Perpetual Lease Lands

Perpetual Lease Lands.

Two and a half per cent. of value of land, namely, first half year's rent, must accompany application, together with licence fee of 30s.; also survey fee if land has not been surveyed.

The features of the perpetual lease system are—

The value of improvements is secured to lessee on indefeasible title.

There is perpetual right of renewal.

The same security and permanence as freehold.

Avoids the necessity of sinking capital in purchase of land.

Lessees must be over 17 years of age.

Annual rent is 5 per cent. (1s. in the £) on value of land.

Holdings are limited to 640 acres first class land, or 2,000 acres second class land.

Leases are renewable on the following conditions:—

Before the end of 30 years a valuation of the fee simple of the land, less improvements, is made, and an offer of a new lease for another 21 years at 5 per cent. is made to the tenant.

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If that offer is refused the land is put up at auction, including the improvements.

Purchaser pays Receiver of Land, who hands over the money to the outgoing tenant.

Rents are payable half-yearly.

One-third of rent during first 15 years goes to County Council, to be expended on roads and bridges leading to the land or on water supply.

Lessees pay rent, taxes, &c

Surrenders of lease are permitted.

Leased land may he resumed for public purposes, compensation being paid.

Residence must be commenced within six months, and be continued for six consecutive years thereafter.

Residence is not required on bush or swamp land until two years have expired, or for three years if land is held by youths residing with their parents.

The exceptions to compulsory residence are—

If residing on adjoining land.

If improvements of double the value are effected.

The freehold can be acquired, if the conditions of the lease have been fulfilled, at the price fixed when lease was granted, on which the rent at 5 per cent, has been paid.