Ground Rent - History

History

In Roman law, ground rent (solarium) was an annual rent payable by the lessee of a superficies (a piece of land), or perpetual lease of building land. In early Norman England, tenants could lease their title to land so that the land-owning lords did not have any power over the sub-tenant to collect taxes. In 1290 King Edward I passed the Statute of Quia Emptores that prevented tenants from leasing their lands to others through subinfeudation. This created a system of substitution, where the tenant's full interest would be transferred to the purchaser or donee, who would pay a rentcharge. This system later passed into common law in England and was adopted by many nations which trace their legal heritage to Britain.

Read more about this topic:  Ground Rent

Famous quotes containing the word history:

    ... all big changes in human history have been arrived at slowly and through many compromises.
    Eleanor Roosevelt (1884–1962)

    It takes a great deal of history to produce a little literature.
    Henry James (1843–1916)

    Let us not underrate the value of a fact; it will one day flower in a truth. It is astonishing how few facts of importance are added in a century to the natural history of any animal. The natural history of man himself is still being gradually written.
    Henry David Thoreau (1817–1862)