- peppercorn rent
A token or nominal rent. The name comes from leases where the rent is one peppercorn a year. Other kinds of token or nominal rents, such as £1, or a red rose each year, may also be referred to as peppercorn rents. A peppercorn rent is often found where a premium has been paid for a lease.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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peppercorn rent — ➔ rent2 * * * peppercorn rent UK US noun [C] UK ► LAW, PROPERTY a very small amount of money that is paid by someone who is renting a building or piece of land so that the arrangement between them and the owner of the property is legal: »The… … Financial and business terms
peppercorn rent — peppercorn rents N COUNT A peppercorn rent is an extremely low rent. [BRIT] … English dictionary
peppercorn rent — n BrE a very low rent … Dictionary of contemporary English
peppercorn rent — noun very low or nominal rent • Regions: ↑United Kingdom, ↑UK, ↑U.K., ↑Britain, ↑United Kingdom of Great Britain and Northern Ireland, ↑Great Britain • Hypernyms: ↑rent … Useful english dictionary
peppercorn rent — UK / US noun [countable] Word forms peppercorn rent : singular peppercorn rent plural peppercorn rents British a very small rent … English dictionary
peppercorn rent — /ˌpepəkɔ:n rent/ noun a very small or nominal rent ● to lease a property for or at a peppercorn rent ● The charity pays only a peppercorn rent … Dictionary of banking and finance
peppercorn rent — A nominal rent. In theory one peppercorn (or some other nominal sum) is payable as a rent to indicate that a property is leasehold and not freehold, the peppercorn representing the consideration In practice it amounts to a rent free lease … Big dictionary of business and management
peppercorn rent — noun a) A nominal rent; originally a single peppercorn. b) Any very small rent … Wiktionary
peppercorn rent — noun Brit. a very low or nominal rent. Origin from the (formerly common) practice of stipulating the payment of a peppercorn as a nominal rent … English new terms dictionary
peppercorn rent — /ˈpɛpəkɔn rɛnt/ (say pepuhkawn rent) noun a nominal rent … Australian English dictionary