In the UK, a very low or nominal payment, which was originally a single peppercorn, made to secure a lease
A nominal rent intended to demonstrate that a property is leasehold and not freehold. It may be as... <a target=_blank href='http://www.finance-glossary.com/terms/peppercorn-rent.htm?id=1111&ginPtrCode=00000&PopupMode=false' title='Read full definition of peppercorn rent'>more</a>
Low rent. Small rent charged to retain rights of ownership.
[n] - (British) very low or nominal rent
noun very low or nominal rent