What is a residue?

[cmealing]

Hi,
I'm currently setting up a new business and considering a property which is under lease but with no business in operation. In the agent details it says “the premises are currently held on the residue of a 25 year lease from August 2002”
What does this mean!
Thanks in advance.
CM

[Editor]

It simply means that the whole remaining part of the lease - presumably the current leaseholder is to assign the lease for it's whole remaining term - which in effect means 11 more years.

[welshgold]

It simply means that the whole remaining part of the lease - presumably the current leaseholder is to assign the lease for it's whole remaining term - which in effect means 11 more years.

simply typo mistake i think ed means 21 years
ie 25 year lease in 2002 now 2006 4 years passed 21 years left

[jeffrey]

simply typo mistake i think ed means 21 years
ie 25 year lease in 2002 now 2006 4 years passed 21 years left

I agree. However, prospective tenant taking assignment of lease should check whether it is protected by part II of LTA 1954 (ie lessee can expect to renew when it expires, unless one of seven defined grounds applies for landlord to challenge renewal). Some leases are excluded from such protection, either by Court order or, more recently, by parties so agreeing before lease granted.