Leasehold (Noun)
Meaning
Land or property held under a lease.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The leasehold agreement gave the tenant the right to use the property for a set period of time in exchange for a fixed rent.
- Under the terms of the leasehold, the landlord retained ownership of the building but granted the tenant control over its use.
- Leasehold property often involves higher ongoing costs compared to freehold properties due to annual rent payments.
- She owned the leasehold of a flat in a building but was unhappy with the restrictive terms and high maintenance fees.
- As a result of buying a leasehold flat, the couple would have to pay a substantial fee to extend their lease after a certain period of time.