Understanding some aspects of Wills as it relates to property

[Westy11]

I am transcribing a Will and have come across similar inclusions prior to this specific one.

In this Will a man in referring to the Settlement on the couples proposed marriage included and in relation to the Settlement "...the Settlement made previous to and in contemplation of my marriage with my said Wife certain Lands and Heredits situate at Bognor on the County aforesaid and holden by Leases for the residue of two several terms of ten thousand years and nine thousand years and a certain Messuage and Lands situate in South???sham in the said County and holden for the residue of a term of two thousand years were assigned or intended to be assigned..."

I am lost as to the practicalities of such an agreement across thousands of years.  What ultimately occurred as I imagine the agreement specifics must have been lost across time or were these interests given back and forth? 

I would love to read up on the basis for such agreements and the practicalities of maintaining these agreements across time?  The value of these agreements must ultimately change?

This Will was written in 2 Jul 1823.

Westy

[andrewalston]

The arrangements appear to be pretty standard, though the lengths of the leases are somewhat unusual.

A long lease is thought to be the residue of 999 years. I had not even considered a lease of multiple millennia!

The ground rent on my mum's house, built in the mid 1930s, has already become payable to "The executors of....", so I expect similar arrangements kicked in on these Bognor properties long before the place became "Regis".

People who owned lots of property usually made arrangements for what happened after their demise.

[Westy11]

Thank you. 

As I transcribe further it appears the Leases were sold and the funds derived then invested.  Nonetheless it still fascinates me that a Lease for 10,000 years was even considered and I am fascinated to read more about these type arrangements iof anyone can point me in the right direction.

Westy