Leasehold Legal Meaning and Definition

Here is a simplified definition of the legal term Leasehold.

Leasehold (noun): This term refers to a kind of property ownership. It's when someone has the right to use a property for a specific time period because they have a lease agreement with the actual property owner. They must pay the owner for this usage. Unlike freehold property ownership, leasehold means the property has to be returned when the lease period ends.