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 ?
We are now loaning short term funds to the service charge account to help cover the additional costs currently being incurred and we are working with a number of stakeholders to try and find a longer term solution to help leaseholders in meeting these costs.
Our proposed changes to regulate the industry will give landlords, renters and leaseholders the confidence they need to know that their agents must comply with the rules.
For Musqueam band member Cecilia Point, although the 1990s lawsuit by disgruntled leaseholders was well-known in the community, the recent increase proposal is news to her and many others on the reserve.
We will continue to comply with all the requirements of the law as explained by ARHM and would encourage any leaseholder to contact us directly if they have any concerns.
So, in the case of a two-storey house split into two flats: Where leases divide the property horizontally, the leaseholder on the first floor is responsible for maintaining everything above the line - for example, the roof - while the ground floor leaseholder is responsible for the drains.
According to Mahmoud Ismael, 50,000 leaseholders have officially registered with them in all their branches across the region, out of which 12,250 are in Erbil alone.
By doing so, many times they will choose instead to simply walk off the property because they weren't there to visit a leaseholder in the first place.
It will host the free Liverpool Leaseholders Annual Conference at the Echo Arena this Saturday from 9.
Wooden floors are another of the biggest gripes of leaseholders because they can transmit sound so easily.
But it can also present challenges, especially to long term leaseholders.
Besides granting grazing rights, those leases impose various duties on leaseholders to keep the land in good condition and to pay annual rentals.