The 7p in question is most likely a 1p/day peppercorn rent:
“The case of Chappell & Co Limited vs Nestle Co Limited ([1960] AC 87) is an early case where the metaphor “peppercorn” was used. The case shows that in order to have a valid agreement or lease there has to be a consideration, but that the actual amount is not a requisite to it being valid. A peppercorn (a very low or nominal rent) was therefore used to satisfy the requirement for the creation of a legally binding lease contract document.”
