What (who) is leasehold - definition

OWNERSHIP OF A TEMPORARY RIGHT TO HOLD LAND OR PROPERTY

Leasehold; Tenants; Leaseholder; Tenancy at will; Tenancy at sufferance; Landlord and tenant; Tenancy; Leasehold estates; Holdover tenancy; Landlord and Tenant; Estate for years; Covenant of quiet enjoyment; Tenancies; Month-to-month; Term of years; Term of years absolute; At-will tenancy; Tenantry; Tennancy; Rental home; Rental housing; Term lease; Perpetual lease; Lease in perpetuity; Freeholding lease; Residential tenancy; Tenant at will; Tenants at will

leasehold

n. the real estate which is the subject of a lease (a written rental agreement for an extended period of time). The term is commonly used to describe improvements on real property when the improvements are built on land owned by one party which is leased for a long term (such as 99 years) to the owner of the building. For example, the Pacific Land Company owns a lot and leases it for 99 years to the Highrise Development Corporation, which builds a 20-story apartment building and sells each apartment to individual owners as condominiums. At the end of the 99 years the building has to be moved (impossible), torn down, sold to Pacific (which need not pay much since the building is old and Highrise has no choice), or a new lease negotiated. Obviously, toward the end of the 99 years the individual condominiums will go down in value, partly from fear of lessened resale potential. This is generally theoretical (except to lending companies because the security does not include the land) since there are few buildings with less than 50 or 60 years to go on the leases or their expected lifetimes, although there are some commercial buildings which are within 20 years of termination of such leases. In most cases the buildings are obsolete by the end of the leasehold. See also: condominium lease

leasehold

¦ noun the holding of property by lease.

?a piece of land or property held by lease.

Derivatives

leaseholder noun

Leasehold

·adj Held by lease.

II. Leasehold ·noun A tenure by lease; specifically, land held as personalty under a lease for years.

Wikipedia

Leasehold estate

A leasehold estate is an ownership of a temporary right to hold land or property in which a lessee or a tenant holds rights of real property by some form of title from a lessor or landlord. Although a tenant does hold rights to real property, a leasehold estate is typically considered personal property.

Leasehold is a form of land tenure or property tenure where one party buys the right to occupy land or a building for a given length of time. As a lease is a legal estate, leasehold estate can be bought and sold on the open market. A leasehold thus differs from a freehold or fee simple where the ownership of a property is purchased outright and thereafter held for an indeterminate length of time, and also differs from a tenancy where a property is let (rented) on a periodic basis such as weekly or monthly.

Terminology and types of leasehold vary from country to country. Sometimes, but not always, a residential tenancy under a lease agreement is colloquially known as renting. The leaseholder has the right to remain in occupation for a fixed period, generally measured in months or years. Terms of the agreement are contained in a lease, which has elements of contract and property law intertwined.

https://en.wikipedia.org/wiki/Landlord and Tenant

Examples of use of leasehold

1. Where people have a problem is seeking an office where this leasehold title can be registered allowing one to have one leasehold title form to show as evidence of owning the leasehold rather than carting a 50 page document around.

2. The answer is no, only leasehold proper is available.

3. Leasehold properties need even more detail, such as service charges and maintenance.

4. The apartments are priced at the high end and are offered on a ''–year leasehold basis.

5. Laura Brady explains why freehold can be better than leasehold Tuesday May 23, 2006 Leasehold The vast majority of flats are sold on a leasehold basis, which means you buy a lease from the freeholder – otherwise known as a landlord or managing agent.