parol lease
A lease that is made orally and fulfils certain conditions. These are that it takes effect in possession immediately it is made; it is for a period less than three years; and it is at the full market rent. Periodic tenancies sometimes fulfil these conditions. Parol leases are an exception to the rule that leases are not legally enforceable unless they are made by deed (Law of Property Act 1925 s 54(2)). |