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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 ?
Approximately 55 properties on the St Edeyrns estate were sold as leasehold, with a further 1,100 sold as freehold, between 2016-17.
Even more worryingly, some conveyancing solicitors have failed to warn homeowners of the risks of their leasehold contracts.
However, homebuyers may not be aware of the difference between a leasehold and a freehold when they purchase the property.
While the extension is optional, those who fail to extend the leasehold will find it impossible to sell their home.
Murang'a governor Mwangi Wa Iria has vowed not to renew the Company's leasehold for 99 years unless the company cedes 6000 acres of land which will pave way for development of a city along the busy Thika- Kabati highway.
| As a highly experienced leasehold practitioner, anyone who has concerns about a leasehold on their home can contact Adrian for advice on or call 029 2002 8800.
Mark Tami MP, who is a member of the all-party group, made a number of interventions during the debate and brandished the sale of leasehold properties a "scam".
The worst difficulties are in some recent new build houses sold as leasehold instead of the more customary freehold in England and Wales.
paying Many homebuyers who bought properties from the builders between 2007 and 2011 were forced to sign a leasehold contract that contained an outrageous doubling clause.
M2 EQUITYBITES-June 9, 2014-Fabege sells two leaseholds for SEK48m profit