58 CONVEYANCING PRACTICE

lessee. After execution, an appointment is ar-
ranged for the lease to be "exchanged" at the
lessor's solicitor's office, where the lessee's solicitor
exchanges the counterpart—executed or signed by
his client—for the lease—executed or signed by the
lessor—and pays the lessor's solicitor's costs for pre-
paring the lease and counterpart, which the lessee
is liable to pay.

In some instances the lessor's solicitor retains
the lease to stamp it, in which case the lessee's
solicitor must also pay over the stamp duties on
the lease and counterpart; in other cases each
party stamps his own document. In each case it is
purely a matter of arrangement. If the lease is for
a term exceeding seven years, the form of particu-
lars previously mentioned must be lodged with the
lease.

Under-leases

An under-lease is, as its name indicates, a lease of
premises by a person who is only the lessee of them
himself. Where a lease is granted by a freehold
owner it is known as a '' head " lease. But there are
many instances (where, for example, the head
lease is a long term lease) in \vhich the leasehold
owner or lessee grants an under-lease of the
property. The term of this lease must always be
no more and should be less than the term remain-
ing of the original lease. The usual term of such
an under-lease—if intended to cover the whole re-
maining term of the head lease—is expressed to be
for such remaining term (less one day)—i.e. the
last day of the term is retained by the original
lessee to enable him to give up the premises to his
lessor on such last day.