Section 212 — Property Law Act 2007: Lease terminating on occurrence of future event

212 Lease terminating on occurrence of future event (1) A lease is not invalid only because it provides for its termination, or permits notice of its termination to be given, on the occurrence of a future event so long as the event is sufficiently defined in the lease that it can be identified when it occurs. (2) However, the lease terminates on the tenth anniversary of the date on which the term of the lease began (the tenth anniversary date ) if that future event has not occurred before that date. (3) Subsection (2) does not apply to a lease that provides for its termination on, or for notice of its termination to be given on or before, a date that— (a) is fixed in the lease; and (b) is later than the tenth anniversary date. (4) A lease that is valid only because of the application of this section cannot be registered under the Land Transfer Act 1952 but is to be treated for all purposes as creating an equitable estate in the land.