leasehold estate

leasehold estate
England, Wales
An estate in land which provides the holder of the estate with rights of possession and use of the land but not ownership. The freehold is retained by the freeholder who grants the lease (also referred to as a tenancy) as the landlord (also referred to as the lessor) to the holder of the estate, who is referred to as the tenant or lessee. There can be strings of leases granted so, for example, the freeholder may grant a lease (head lease/superior lease) to a tenant (head/superior tenant) who in turn may grant a lease (underlease/sublease) to an undertenant/subtenant who in turn may grant a sub-underlease to sub-undertenant, and so on.
There are three categories of leasehold estates:
• Tenancy for a term of years: a lease for a period of time with a specific start and end date.
• periodic tenancy: a lease which is automatically renewed at the end of the period. The period may be from month to month, week to week or year to year.
• tenancy at will: a lease for no fixed time or period, which will continue for as long as both parties wish. Either party may terminate at any time or termination happens by operation of law.
Related terms
leasehold estate

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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