Because of the exclusive possessory right of a tenant under a lease, it is usual to provide that the demised lands shall revert to the landlord upon the termination of the lease. Clause 8 contains the only provision which might be construed as a reversionary right in the “landlord”. But this is limited to fences. Fence posts may be fixtures and therefore an interest in land. But fencing is ancillary to grazing. This provision is equally consistent with a licence to graze. A requirement to maintain fences did not prevent the sale of grazing rights to be held a licence in Mogg v. Yatton Overseers (1880), 6 Q.B.D. 10.
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