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What is a reversion in property law?
What is the meaning of reversion?
What does reversion mean in legal documents?
What are the legal implications of a reversion?
Who holds a reversion interest in a property?
What happens if a reversion interest is held by another owner?
Reversion, commonly referred to as 'return,' is the legal process where ownership or rights to a property or asset are transferred back to the original owner or their heirs after a specified period or upon the occurrence of a particular event.
A reversion occurs when a property owner makes an effective transfer of property to another but retains some future right to the property. For example, if Sara transfers a piece of property to Shane for life, Shane has the use of the property for the rest of his life.
A reversion in property law is a future interest that is retained by the grantor after the conveyance of an estate of a lesser quantum than he has (such as the owner of a fee simple granting a life estate or a leasehold estate).
- Concurrent Leases
- Overriding Leases
- Reversionary Leases
Let's take a common and simple scenario. A developer grants a lease of a substation to an electricity provider (we'll call this the "Substation Lease"). He subsequently grants a lease of part of the development site, which includes the substation, to a retailer (we'll call this the "Retail Lease"). The Retail Lease is granted subject to the Substat...
An overriding lease is one granted pursuant to s19 of the LTCA. This section allows a former tenant with continuing liability (including under an AGA), or a guarantor of such a former tenant’s continuing liability (let’s call them “FT/G”), to require the landlord to grant him a lease, in certain circumstances, namely that the landlord has exercised...
The term reversionary lease is used to describe a lease "where possession is delayed to a future date" and is different from a lease of the reversion. In simple terms a reversionary lease is one which is granted today, with a term commencement date of tomorrow or some other future date. A reversionary lease cannot specify a term commencement date w...
In trust law terms, a reversionary interest is an interest that reverts back to the settlor of a trust once a beneficiary's interest has come to an end. For example, Bob gives a life interest in Rose Cottage to his mother Judy, and on Judy's death the cottage is to revert back to Bob.
reversion, in Anglo-American law, interest held by a prior owner in property given to another, which, upon the happening of some future event, will return to that prior owner. A reversion is itself specific property, and it can be sold or disposed of as property by the reversion owner.
Reversion is a term used in property law to describe the process of a right that is transferred through a deed of trust, mortgage, or pledge eventually returning to the original owner once the rights held by others on the property have been exhausted.
