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 ?
Another leaseholder, Russell Jones, who owns a buy-to-let flat in Meridian Wharf, said he didn't know how he was going to find the money to meet CRM's demand.
"In order to maintain this confidentiality, and protect the interests of all leaseholders at the development, I regret that we are not authorised to respond to your queries or make any public comment."
Finally, the leasehold scandal has shown that huge numbers of leaseholders aren't given proper legal advice when they purchase their property.
Committee chair, Clive Betts said: "We heard extensive evidence from leaseholders regarding onerous ground rent terms, high and opaque service charges and one-off bills, unfair and excessive permission charges, and unreasonable costs to enfranchise or extend leases.
Its report said: "It is clear that many of the leaseholders we heard from were not aware of the differences between freehold and leasehold at the point of purchase, in particular the additional costs and obligations that come with a leasehold property."
"The replacement of the cladding is work that the leaseholders of Skyline 1 are obliged to pay for under the terms of each of their individual leases."
Leaseholders extract extraordinary economic gains by exploiting the skill and labour of the fishers while providing minimum revenue to the public exchequer.
Answering a question in parliament on Monday, Mr Khama explained that only the owners or leaseholders of an approved and registered game ranch were allowed to undertake culling/cropping operations.
Mr Thomas added: "Ground rent costs can escalate quickly, and many developers have sold the freehold onto third parties meaning leaseholders can find it difficult to track down the true owner of their property.
The plans include measures to close legal loopholes to protect leaseholders who can be left vulnerable to possession orders, as well as changing the rules on Help to Buy equity loans so they can only be used for "new built houses on acceptable terms".
The protection of the law afforded to leaseholders who own a flat is massive, but sadly lacking to leasehold houses sold privately.