lease meaning

Noun: lease  lees

1. Property that is leased or rented out or let
   - rental, letting 
2. A contract granting use or occupation of property during a specified time for a specified payment 
3. The period of time during which a contract conveying property to a person is in effect
   - term of a contract

Verb: lease  lees

1. Let for money
   - rent 
2. Hold under a lease or rental agreement; of goods and services
   - rent, hire, charter 
3. Grant use or occupation of under a term of contract
   "I am leasing my country estate to some foreigners"
   - let, rent 
4. Engage for service under a term of contract
   - rent, hire, charter, engage, take

Derived forms: leasing, leases, leased

See also: lessee

Type of: acquire, belongings, contract, get, give, holding, period, period of time, property, time period, undertake

Encyclopedia: Lease

[Architecture]

A contract transferring the right of possession of buildings, property, etc., for a fixed period of time, usually for periodical compensation called rent.

[Business]
noun, verb

(Law ; Property )

■ noun

DRY LEASE, FINANCE LEASE, OPERATING LEASE, WET LEASE

a legal agreement that allows you to use a building, a piece of equipment or some land for a period of time, usually in return for rent:

The current lease expires on 31 March.

Under the terms of the lease, you are liable for any repairs to the building.

❖ to take on/take out a lease

◆ a lease expires/runs out

IDIOMS

a (new) lease of life (BrE) (AmE a (new) lease on life)

the chance to continue for longer, and more successfully:

They gave the drink a new lease of life by relaunching it as a sports drink.

■ verb [+ obj] lease sth (from sb) | lease sth (out) (to sb) | lease sb sth

to use, or to let sb use sth, especially property or equipment, in exchange for rent or a regular payment:

We lease all our photocopy equipment.

Parts of the building are leased out to tenants.

the dealer that leased them the vehicles

Employers don't have to provide pension for leased employees.

⇨ LESSEE, LESSOR

leasing noun [U]:

car leasing

a leasing company

PHRASAL VERBS

lease sth back (to sb)

to sell property or a valuable asset and continue to use it by paying rent to the new owner; to buy property or an asset and allow the seller to continue using it in exchange for rent:

At one stage they had to sell and lease back their head office to raise cash.

The trust has agreed to lease the property back to them for 40 years.

[Economics]
A contract giving the right to use land or buildings for a set period, in return for payment of ground rent to the landlord. The rent payable may be fixed, or subject to periodic review. Leases may be for any period: 999 years is not unknown. A lease may impose conditions on the tenant, for example concerning the maintenance of premises or the use to be made of them.

[Finance]
A long-term rental agreement, and a form of secured long-term debt.

[Law]
n. A contract under which an owner of property (the Iandlord or lessor) grants another person (the tenant or lessee) exclusive possession of the property for an agreed period, usually (but not necessarily) in return for rent and sometimes for a capital sum known as a premium. Unless it satisfies the conditions for a parollease, a lease must be made by a formal document (a deed), which is itself called a lease. If this is not done, however, there may still be an agreement for a lease. The lessee must have exclusive possession, i.e. the right to control the property and to exclude everyone else from it (subject to any rights of entry or re-entry reserved to the landlord). If possession is not exclusive, there is no lease but there may be a licence. A lease must be for a definite period, which may be a fixed term or by way of a periodic tenancy. See also EQUITABLE LEASE; LEGAL LEASE.
The deed that creates the lease sets out the terms, which include the parties. the property, the length of the lease, the rent, and other obligations (covenants), particularly concerning repairs, insurance, and parting with possession. Certain covenants are implied in all leases (though the lease may vary or exclude them). In the case of the lessor these are; (1) not to derogate from his grant (i.e. he must not do anything that would make the property unfit for the purpose for which it was let); (2) quiet enjoyment; and, in certain cases, (3) to ensure that the premises are fit for habitation. In the case of the tenant, the implied covenants are: (1) to pay the rent; (2)to pay all ordinary rates and taxes; (3) not to commit waste; and (4) to use the property in a tenant-like manner, i.e. to do the sort of small maintenance jobs that any reasonable tenant would be expected to do (he is not, however, responsible for fair wear and tear or other disrepair that is not his fault). See alsoASSIGNMENT; COVENANT TO REPAIR.

Examples

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1. the lease on my house has only a year to run.
2. it is a lease of land for a substantial period.
3. the lease expires in a month.
4. the lease on our flat runs out in a few months.
5. maybe you will want to move before your lease runs out.