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

holding under a LEASE.

LEASEHOLD. The right to an estate held by lease.

References in periodicals archive ?
The CRM management group is now seeking to claim at least part of the cost of the repairs from the leaseholders, claiming the cost is a service charge item.
Leaseholders pay rent to the freeholder on an annual basis, which wasn't a problem until some developers started inserting dubious clauses into contracts stating that ground rents would double every 10 years.
This was to be divided between leaseholders according to the square footage of each flat.
The law states that in England and Wales, the "right of first refusal" to buy the freehold applies to the leaseholders of flats - in other words the freeholder must offer it to the leaseholders of all the flats of the building first.
You can read about some of our case studies here to see how we've improved things for other leaseholders. We also have a guide to show you how much you should be paying in service charge.
In the past we have followed the recommendation that annual meetings are held with leaseholders to discuss service charges.
Where the division is vertical, both leaseholders have an equal share in all such liabilities.
The Kurdish Globe By Sleman Tashan Climbing on the stairway of a three-story building had exhausted Fatima Hussein, 60, who was visiting the Leaseholders, Rights Protection Union.
Inform visitors that they always must be in a leaseholder's home during the visit and should not be loitering about the real estate.
But it is not just a one-way street, leaseholders have to do their bit to achieve this enjoyment.
The regulation requires a person seeking recreational access to public lands covered by a grazing lease to first contact the leaseholder (if the holder has registered with SRD staff for purposes of receiving contacts) and to provide the person's identity and the date, time, specific locations, and the types of recreational access being sought at those locations.