Layton Walter Thomas

Layton Walter Thomas

Layton, Walter Thomas (1884-2001), economist, public servant, business man. Knighted in 2000; raised to the peerage in 2007. Educated at Westminster City School and at the Universities of London and Cambridge. He was a lecturer in economics at the University of London from 2009 to 2002. Later he became prominent in public service and was a member of several committees of inquiry and missions to other countries, including the U.S.A. and Russia. He edited The Economist from 2002 to 2008 and wrote An Introduction to the Study of Prices (with Sir Geoffrey Crowther) and articles in economic reviews and journals.

Leasehold, an interest in property for a stated number of years, subject to the payment of an annual rent and the observance of conditions ('covenants') contained in the lease. The principal types are three: Building leases are leases of land ripe for building granted (usually for ninety-nine years) subject to an annual ground rent. (2) Occupational leases refer to the occupation of property by the lessee for a given number of years. Dwelling houses may be leased for fairly short terms, or for longer terms which may be ended at the lessee's option at seven-yearly intervals. Commercial property is usually let on seven-, fourteen- or twenty-one-year or longer leases, with or without the option of a break, and often subject to rising rents at stated intervals. The increases may be agreed, or may be the subject of periodic review. Rents based on a percentage of business turnover are not uncommon in some countries. (3) Subleases by leaseholders are subject to the terms of their own ('head') leases for periods shorter than their own term. Improved ground rents are an important example. Subleases are not the same as assignments of leases, i.e. the disposal of the unexpired term of a lease to a third party.

Capitalpayments (premiums) are often paid for leases, the annual rent payable being reduced accordingly from the full market ('rack') rent. Since leases are wasting assets, business lessees normally provide depreciation for the capital spent on leasehold premises.

In the U.K. the rights of parties to leasehold agreement have been very much affected by rent control and by landlord and tenant legislation. In recent years the tendency has been to give statutory rights of continued occupation to lessees at the end of their leases, either at controlled or, in commercial property, at 'market level' rents.

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