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TeachMeFinance.com - explain leasehold leasehold -- an interest in an estate held by a tenant who possesses certain rights of occupancy and use by virtue of renting the real property, even though the tenant does not hold title to the property. historic accounting definition (British)... leasehold -- This is the name which is applied to lands or tenements held under a lease for a fixed period or a definite number of years. The terms of the holding are set out in the lease or agreement which constitutes the contract between the landlord and the tenant, and, without going into particulars, it is enough to say that the covenants imposed upon the tenant are four in number : (1) To pay rent ; (2) To pay rates and taxes on the property, except the landlord's property tax and the tithe rent charge (if any) ; (3) To keep and deliver up the premises in repair ; and (4) To permit the lessor to enter at intervals for the purpose of inspecting the state of repair. In addition to any express covenants, the lessor undertakes to let the lessee have uninterrupted and quiet enjoyment of the property as far as he is concerned. Leaseholds are always personal property, irrespective of the length of the terms for which they are made. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.