Lady dies. Son finds 500 year leases for 2 neighbouring properties.

Ok, this is just one of those strange things which I'm sure means nothing but has a friend and I a bit puzzled. His mother died about 15 years ago and when going through her things he found two legal documents. They are identical but for different properties. On front of each it names three parties (builders, finance company etc) then the word LEASE, a plot number, Term 500 years from (date) and annual rent of £20 pa. Then name of solicitors. The documents are for two properties in the same estate as my friend.

So my questions are: 1: what are these documents? and 2: why do you think this woman would be holding these for other properties and 3: what should my friend do with them?

Sorry if it all sounds dumb but I am a dunce regarding legal dox.

Thanks for all replies.

Show them to a solicitor to find out what they are.

But it looks to me as if she owns the ground rents. The "tenants" have a right to buy out the ground rents for a small sum, so I would say that they are worth around €200 each less the legal costs of selling them.

Brendan

Thanks, Brendan. I understand they were one of the first to move into the estate whilst building was still continuing on other houses. Would you guess that they were offered these ground rents for sale by the developers when they were purchasing their own?