Leasehold (noun)

1. A form of tenure in which a tenant holds a property for a fixed period of time.
2. The right to use or occupy a property for a specified period of time for which a tenant pays rent to a landlord.

Origin:

Mid 16th century: from lease (noun) + hold.

Examples:

1. The building is held on a long-term leasehold from the local council.
2. The apartment was sold as a leasehold property.
3. The leasehold on the property had only a few years remaining.
4. The leasehold agreement between the landlord and tenant was for 99 years.
5. The leasehold was converted to freehold ownership.