11Creation of interests in land by parol

11 Creation of interests in land by parol (1) Subject to the Residential Tenancies Act 1999, an interest in land created by parol and neither put in writing nor signed by the person creating the interest, or by the person's agent lawfully authorised in writing, is to have, whether or not consideration has been given for the interest, the force and effect of an interest at will only. (2) Nothing in this Act affects the creation by parol of a lease taking effect in possession for a term not exceeding 3 years (including any term of renewal of the lease by the exercise of a right of renewal under the lease which together with the term would not exceed 3 years).