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Leasehold is an agreement whereby a ‘buyer’ (sometimes called a ‘tenant’, ‘leaseholder’ or ‘lessee’) acquires the right to use the landed property for a specifi c period in return for a land rent to the ‘fee simple’ owner (the ‘lessor’ or ‘freeholder’). At the end of the period or ‘term’ of the lease (that can be up to 999 years), all the property rights revert to the party that holds title in ‘fee simple’. Under a lease agreement, the lessor’s interest in the property will be longer than the term of the lease. An arrangement providing an equal term would comprise a conveyance or assignment rather than a lease.