CG70751 - Leases: introduction: other definitions relating to leases

Some other terms relating to leases are defined here:

Term	Definition
Premium	A capital sum paid for the grant of a lease. The payment may be made in money or money’s worth.
Reverse Premium	A capital sum paid by the landlord in order to induce the tenant to enter into the lease. A payment made by a tenant, either to surrender or assign an onerous lease, may also be referred to as a reverse premium.
Grassum	This is the Scottish equivalent of a premium.
Rack Rent	The maximum rent which can be obtained under a particular lease. It is equivalent to a ‘full market rent’.
Lessor	The person who grants a lease (otherwise known as a landlord).
Lessee	The person taking a lease (otherwise known as a tenant).