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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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.


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)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.


holding under a LEASE.
Collins Dictionary of Law © W.J. Stewart, 2006

LEASEHOLD. The right to an estate held by lease.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
Welcome - especially if you have a newly built house - to the world of leasehold and "fleecehold".
The scandal forced the Government act last week when they agreed to ban the sale of leasehold new-build homes and pin ground rent at a peppercorn rate.
There has been a growing, yet small, trend for new-build houses to be sold as leasehold in recent years.
Layan's distinctive features and modern facilities make it an integrated residential community ideal for the whole family, serving the residential leasehold demand in the area.
"The total expected revenue for the upfront sale of the tiangge slots leasehold rights if all will be offered for sale is P1.33 billion," Sia explained.
Tower Growth Leasehold Property Fund", due to their confidence in CP Land's expertise in office building and shopping centre management as well as the geographically diversified nature of the fund's assets and its adequate size which will lead to good liquidity in the secondary market.
Unless rent escalations are determinable, the leasehold mortgagee may not be able to evaluate the "fair market value" of the leasehold estate to determine whether the leasehold mortgagee has satisfied its legal investment requirements.
"The chief financial officers of such businesses are not keen to keep surplus leasehold liabilities hanging around."
The most we will pay for loss because of the cancellation of any one lease is your "net leasehold interest" at the time of loss.
Permanent federal law requires leasehold improvements to be depreciated over a 39-year period.
* The proper amortization period for leasehold improvements;