A comprehensive legal overview of leases, defining them as agreements granting exclusive possession of property for a specified period, distinct from mere licenses. It details the essential characteristics required for a valid lease, including lawful duration, exclusive possession, and compliance with formalities, referencing the landmark case Street v Mountford. Furthermore, the text thoroughly explains the relationships between parties—landlord, tenant, and subtenant—and discusses the role of covenants in regulating obligations such as rent and repairs. Finally, the source addresses the complex principles of privity of contract and privity of estate, differentiating between old (pre-1996) and new (post-1996) leases, and outlines the various remedies for breach, including forfeiture and self-help, as well as the diverse methods by which a lease can be terminated.