leasehold

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Leasehold

An estate, interest, in real property held under a rental agreement by which the owner gives another the right to occupy or use land for a period of time.

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: lease)

leasehold

noun estate for a fixed term, estate for a fixed term of years, estate in realty, freehold, interest in real essate, interest of a lessee, land held by lease, land leased, propprty leased, real property subject to a lease, tenure by lease
See also: land, property

leasehold

holding under a LEASE.

LEASEHOLD. The right to an estate held by lease.

References in periodicals archive ?
At the time Mr Javid said: "It's unacceptable for home buyers to be exploited through unnecessary leaseholds, unjustifiable charges and onerous ground rent terms.
He highlighted the difficulties that owners of leasehold properties face, such as if they want to change the flooring they have to apply and are charged excessive fees.
Leasehold used to apply mainly to flats where no resident owns the land and where service charges for areas owned in common such as entrance and stairwells are needed.
It may spread to other housebuilders who had similar rip-off leasehold deals.
2 million leasehold houses currently recorded in England and the number of leasehold sales rapidly growing, the government is taking crucial action to make future leases fairer.
Andrea Millward bought her leasehold house in Speakman Gardens, Prescot, in 2011 from Taylor Wimpey.
Sajid Javid wants to restrict ground rents to zero and prohibit future houses being sold as leasehold in England, after a rise in developers selling houses under terms which usually apply to flats, particularly in the North West.
They are concerned the "lack of regulation disproportionately hurts the most vulnerable, with 37% of leaseholders not in employment" and claim an independent regulator could cost as little as pounds 2 a year per managed leasehold property.
AN MP has welcomed plans to end rip-off leaseholds which force people to pay thousands of pounds to stay in a property they own.
Isabelle Whitehouse, right, head of tenanted and leasehold business at SA Brain said she was confident that the new 'positive partnerships' leaseholds initiative would prove to be a success.
Additionally, the Company has depreciated certain of its leaseholds over useful lives that were not consistent with the terms of related leases.