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Leasehold land

Land rented from the true owner. The lease may be for a long or period. At the end of the period it must be handed back, together with all liidings, whether these were on the land originally or not. The tenant may also be hable for dilapidations. It is possible t mortgage leasehold land, though the possibility will depend upon the term of the lease and any conditions imposed by the lease. The Companies Act 1967 directs that published accounts shall show separately freehold land, land held on a long lease and land held on a short lease. A long lease for this purjrose is one where there are at least fifty years to run.

Reference: The Penguin Business Dictionary , 3rd edt.