lease Hear it!

lease Definition

lease (lēs)

noun

  1. a contract by which one party (landlord, or lessor) gives to another (tenant, or lessee) the use and possession of lands, buildings, property, etc. for a specified time and for fixed payments
  2. the period of time for which such a contract is in force a two-year lease
  3. the property that is leased

Etymology: ME leas < Anglo-Fr les < OFr lais < laissier: see leash

transitive verb leased, leas′·ing

  1. to give by a lease; let
  2. to get by a lease; take a lease on

Etymology: Anglo-Fr lesser < OFr laissier

lease Related Forms
leas′·able adjective leas′er noun
lease Idioms

new lease on life

another chance to lead a happy life, be successful, etc. because of a new turn of events

lease Synonyms

lease

n.

rental agreement, permission to rent, charter; see contract, record 1.

new lease on life

another chance, new perspective, new outlook, opportunity; see change 2.

lease Synonyms

lease

v.

let, charter, hire, rent out; see rent 1. See syn. study at hire.

lease Finance Definition
A temporary transfer of ownership of an asset, such as real estate or a car, for a set period of time. Regular monthly payments are due on the lease and the lessee is responsible for any maintenance or upkeep expenses. At the end of the lease period, the property reverts back to the owner. However, the lessee may have an option to buy the property at the end of the contract period. Leases often enable a company or individual to have the use of the equipment or property for a significantly lower cost than an outright acquisition. A lease also has the benefit of allowing the lessee to use the most up-to-date equipment or property that is available while avoiding any of the market risk that comes with ownership.
lease Law Definition

n

An agreement in which the right of occupancy or use of real property, or the right to use personal property, is conveyed to another for a set period of time in return for consideration, typically in the form of periodic payments.
gross lease
Lease in which a tenant pays a flat sum inclusive of all utilities and other expenses.
month-to-month lease
Rental of property without a long term contractual obligation; in actuality, not a lease.  May require one month’s notice in order to terminate, depending on local or state law.
net lease
Lease in which tenant pays a rental amount for property, plus additional obligations for utilities, taxes, etc.
parol lease
Oral agreement for tenancy; see parol.
percentage lease
Business lease agreement whereby the amount to be paid is based on a specified percentage of tenant’s gross or net profits; usually a minimum rental amount is stated. 
sublease
An agreement under which the lessee of real property conveys his rights, or some subset of them, to a third party.
lease Usage Examples

Converse of object

  • renew: At the time of the Inquiry, the trustees were on the point of renewing the lease with their new landlord.
  • ensure: Lease Term The property will be made available on a new full repairing and insuring lease for a term to be agreed by negotiation.
  • forfeit: Again according to Broadyard Associates and Mr Borrell on 29th April 1998 they peaceably re-entered the premises and forfeited the lease.
  • surrender: The tenant agrees to surrender this lease in return for a new fifteen year lease at £ 150,000 per annum.
  • grant: The committee will usually occupy under a lease granted by the Diocese.
  • negotiate: The company also negotiated a lease on the Hoverport facility.

Adjective modifier

  • 99-year: The Trust occupies this land under a 99-year lease.
  • 15-year: The 15-year lease for 48 car parking spaces is being let at a rent of £ 50,000 per annum.
  • 21-year: For example, a tenant is granted a 21-year lease at a rack rent of £ 200,000 plus VAT per annum.
  • 20-year: T & S Stores will be taking a 20-year lease.
  • reversionary: This provision is new, and is designed to avoid a conveyancing trap that such reversionary leases may create.
  • five-year: At Albion Park, Pudsey Electrical has taken 1,272 sq ft on a new five-year lease.

Modifies a noun

  • renewal: Written expert's reports for Court and PACT for lease renewal cases.

Noun used with modifier

  • 99-year: Builders who took 99-year leases included James Nicoll from Marylebone and William Selby from Hanover Square ( Westm.
  • finance: At present the CPS does not have any finance leases.
  • mining: Undertaking by the Ministry to grant mining leases, etc. 14.
  • operating: Short term or operating leases - Equipment can also be leased for shorter periods of time.

Preposition: in

  • reversion: Desires a lease in reversion of lands in the manor of Kingsland, of which he is tenant.

Preposition: of

  • tenement: The lease of tenement and rent was for Stephen's life plus 4 years, paying £ 2. 0s.
  • life: The book deserves to given a new lease of life on the internet.
lease Quotes

Nous voulons tous louer a'   l'anne¤  e et nous ne pouvons jamais louer que pour une semaine ou pour unjour. C'est l'image de la vie. Wewould all liketo leaseforayearand we canonly lease for a week or from day to day. That is the image of life.

—Anouilh,Jean

   I rent everything, other than the gift of life itself, which wasgiven to me without any predictable lease, a gift that can be withdrawn at any time.

—Kosinski,Jerzy Nikodem