LEASEHOLD Meaning and
Definition
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Leasehold refers to a form of property ownership where an individual or entity has the right to occupy and use a property for a specific period of time, typically ranging from a few years to several decades. In a leasehold arrangement, the property owner grants a lease to a tenant, allowing them to possess and enjoy the property, subject to certain terms and conditions outlined in the lease agreement.
The lease agreement spells out the duration of the lease, the agreed-upon rent or other financial considerations, responsibilities for maintenance and repairs, and any restrictions or limitations on the use of the property. Unlike in a freehold or absolute ownership, the leaseholder does not have complete and permanent control over the property. Instead, they hold a limited and temporary interest in the property for the duration of the lease.
Leasehold ownership is commonly seen in residential and commercial real estate, where tenants or lessees gain the right to use the property, often paying rent to the property owner. However, leasehold arrangements can also extend to other assets such as vehicles or equipment. At the end of the lease term, the leasehold interest usually expires, and the property reverts back to the landlord or lessor, unless a new lease agreement is negotiated.
Overall, leasehold refers to the temporary possession and use of property under a lease agreement, giving the leaseholder certain rights and responsibilities for a specific period. It is an alternative to freehold ownership, offering flexibility and lower upfront costs for those seeking to use or occupy a property without committing to permanent ownership.
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• A property held by lease.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
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Etymology of LEASEHOLD
The word "leasehold" traces its etymology to the Old English language. It comes from the combination of two elements: "lease" and "hold".
The term "lease" can be traced back to the Old English word "lēas", which means "loose" or "false". It later evolved to specifically refer to a contract or agreement between the owner of a property, known as the lessor, and the occupier or tenant, known as the lessee.
The word "hold" can be traced to the Old English word "healdan", which means "to keep" or "to possess". It denotes the act of occupying or possessing a property or land.
Similar spelling word for LEASEHOLD
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