L30/11/301/174

Letter from Charles H Ware, Gray's Inn, to Amabel, Baroness Lucas.

21 Nov 1806

From: 1806 To: 1806

The writer has endeavoured to form an estimate of the value of the difference between the present leases to Mr Earle and a new lease to be granted of the lands comprised in them for a term of 21 years. Some of the present leases are upon Earle's life only and others upon the lives of himself and his sister Eleanor. The probable duration of the leases on his own life may be 7 years and a half and of the leases on the lives of himself and his sister fourteen years; his age being 71 and hers 61. The writer considers that the annual value of the leases for Earle's life may be £284 per annum, and those for two lives £231 per annum. In calculations of this sort, much will depend on the rate of interest. A purchaser of a leasehold reversion may expect as high as 8%: a vendor may try to bargain at 5%. The price to Lady Lucas could therefore vary between £2,500 and £1,800. On this basis, the writer has supposed the new lease term to be at 21 years absolutely, but subject to determination on the failure of the longest of 3 lives; however, as those lives may be named which would probably endure more than 50 years has made no allowance for that chance. Seeks Lady Lucas' instruction to proceed to negotiate with Mr Pitt, the purchaser of Mr Earle's leases.

item

Ware, Charles H,
Amabel, Baroness Lucas,
Earle,
Earle, Eleanor,
Pitt

estates correspondence, estate leases