If you have the leasehold of a building or piece of land, you have the legal right to use it for a period of time as arranged according to a lease. leasehold property is property that you will own only for the period of time stated in a lease freehold
The limited interest in a property held by a tenant; primarily the right to inhabit it for a specified period of time At the end of the lease, the property reverts to the owner or landlord
land held under a lease, which is a contract by which the right of exclusive possession of land is granted by a landlord (the lessor) to a tenant (the lessee) for an agreed amount of money for an agreed period of time
A leasehold estate gives possession of the land for a period that is shorter than a lifetime The owner of the property (has either a "fee interest" or "life estate") is the "lessor"; the person having the leasehold interest is the "lessee"
When you buy a leasehold property, essentially you are buying nothing more than the right to occupy a building for a given length of time You will have to pay ground rent and maintenance in addition to a one-off payment that buys ownership of the lease until sold or it runs out The amount of alterations you can make to the property varies accordance with the lease and you may well have other conditions imposed upon you by the landlord As a rule, look to buy a lease with over 50 years remaining
The right to hold or use property for a fixed period of time at a given price, without transfer of ownership, on the basis of a lease contract A leasehold is treated as a fixed asset
If you buy a property that is leasehold it means that you own the property but not the land the property is on, unlike freehold where you would own both
If a building or land is described as leasehold, it is allowed to be used in return for payment according to the terms of a lease. I went into a leasehold property at four hundred and fifty pounds rent per year