This means a nominal or token rent – the minimum payment necessary to
establish the legality of an agreement. It usually arises where the lease is a
deed which does not need a significant consideration other than a token acknowledgement
to recognise the landlord and tenant relationship. In practice a peppercorn rent
is never demanded although occasionally a pedantic conveyancer may require the
collective arrears to be paid off (or at least included) as part of the financial
statement on completion of a sale.