Definition of lease in US English:

lease

noun

  • A contract by which one party conveys land, property, services, etc. to another for a specified time, usually in return for a periodic payment.

    • ‘So the mining lease which is granted is in the form of a schedule.’
    • ‘Section 248 assumes that there are some creatures which are pastoral leases which are not exclusive pastoral leases.’
    • ‘At first the area was on a pastoral lease granted to Alexander Grant in 1853.’
    • ‘The lease of the premises where the partnership practised was vested in the respondents as trustees for the partnership.’
    • ‘If you're trading in a car, make sure the dealer applies the trade-in value to the price your lease is based on.’
    • ‘Also, they should know for how long the lease should be and how much they want to pay a month.’
    • ‘Gross irregularity and corruption in granting the mining lease are involved.’
    • ‘He recommends negotiating a short-term lease that gives you options to acquire more space as needed.’
    • ‘The site is held on a long-term lease at a peppercorn rent from the port.’
    • ‘The Judge heard that the applicant had taken a lease of the premises.’
    • ‘Closed-end leases, sometimes called ‘walk-away’ leases, are most common for consumer leases today.’
    • ‘Typically, at the end of the lease the money is returned or applied to a purchase price.’
    • ‘While each transaction has individually tailored lease terms, operating leases typically range 3-12 years in length.’
    • ‘At the end of this month, a one-year lease expired.’
    • ‘What happens if one of you decides to terminate the lease on short notice?’
    • ‘There is an option to renew the lease for a further period when it expires in September of this year.’
    • ‘Businesses negotiating commercial leases of property will not want to assume any technical exposure for any uninsured terrorist risk.’
    • ‘Read the lease to find out what's been specified in your case and check out rental laws in your area.’
    • ‘They signed a five-year lease with an option to renew for five years, the summary said.’
    • ‘Would it have to be a lease in perpetuity?’
    leasehold, rental agreement, hire agreement, charter, contract
    View synonyms

verb

[with object]
  • 1Grant (property) on lease; let.

    ‘she leased the site to a local company’
    • ‘The rest consists of vast wilderness concession areas which are leased to private safari camp operators.’
    • ‘He said the building could be leased to one large tenant or several smaller tenants.’
    • ‘Through this process, they would buy and lease back an entire building to its existing occupier.’
    • ‘The remaining 4,000 square feet of space will be available to lease to other tenants, he said.’
    • ‘The devastated land included farms leased to tenants by Vermeer's mother-in-law.’
    • ‘The city will then lease the track property back to Churchill for $1 a year.’
    • ‘Many absentee lords leased out their personal lands and the right to collect dues to rich tenant farmers.’
    • ‘They could lease out the land to their family or someone else, or cultivate it cooperatively with other women.’
    • ‘The trust then leases its property long-term to farmers who use the land to grow food for the community.’
    • ‘In May 1887, it was leased to the CPR and construction began in November.’
    • ‘The land was leased out for the construction of the hotel in 1970.’
    • ‘Consolidated entitlements are allocated from the National Reserve and cannot be sold or leased for 5 years.’
    • ‘Once installed, it will be leased to an operator.’
    rent out, rent, let, let out, hire, hire out, sublet, sublease, farm out, charge for the use of
    View synonyms
    1. 1.1 Take (property) on lease; rent.
      ‘land was leased from the city’
      • ‘This is the type to use if you are renting or leasing, as the paper can be easily removed when you leave.’
      • ‘The Lease or Buy Calculator is a tool designed to help in deciding whether to lease or buy business equipment.’
      • ‘The bank owns some of the properties it occupies and leases others, and it is unclear whether it will rent or buy the Glasgow property.’
      • ‘He said it was too early to say what other retailers would lease space.’
      • ‘Police said the unit is leased from a private landlord who lives outside the area and is currently liaising with officers.’
      • ‘It must be a physical good that you have bought and not hired / leased etc.’
      • ‘The area was first leased from the local community in 1941 by a Dutch investor, who planted coffee.’
      • ‘This year we'll see smaller businesses using telematics services in the cars or trucks that they lease or rent.’
      • ‘Two years ago a further 35 acres were leased from the Dean and Chapter of Salisbury cathedral.’
      • ‘Keep in mind that most all-in-one office suites can be leased on a month-to-month basis.’
      • ‘It has to repackage network capacity leased from established carriers.’
      • ‘Most try to lease or rent their fleets to cut risk and expense.’
      • ‘The van is leased from City of York Council, which is in partnership with the association and is committed to using clean fuel.’
      • ‘There are also programs to help decide whether to rent or lease instead of own.’
      • ‘Bury Council is leasing the building to the Fusiliers at a peppercorn rent and will be providing an annual funding grant of 30,000.’
      • ‘Either way those who currently lease the garages will lose their coveted parking spaces.’
      • ‘He has temporarily leased offices there until a planned move to Huntington next year.’
      • ‘Our flat, above the camel market, was leased from Signora, an old Italian lady who lived downstairs.’
      • ‘It was leased from them by the Herbert family in the sixteenth century.’
      • ‘It's a facility we leased from the government, so at some point we had to give it back.’
      rent, hire, charter, engage, take, borrow, pay for the use of
      View synonyms

Phrases

  • a new lease on life

    • A substantially improved prospect of life or use after rejuvenation or repair.

      • ‘For engineers who might wonder what happened to that great product they designed years ago, there is now a process by which it can be resurrected and given a new lease of life.’
      • ‘‘It's a satisfying and fulfilling experience - working with the physically and mentally challenged to give them a new lease of life, help them become independent and enable them to lead normal lives,’ she says.’
      • ‘A University of Leicester study could help to provide a new lease of life for patients who have suffered a stroke.’
      • ‘‘Digital restoration, in fact, gives a new lease of life to priceless old documents on palm leaf, parchment or paper, many even 2,000 years or more in age,’ he says.’
      • ‘That's how the art form can gain a new lease of life.’
      • ‘While Australian researchers believe more than one gene is involved, they agree that this will help give the cheap and effective drug a new lease of life.’
      • ‘New audio drama and old-time radio dramas find a new lease of life on the Internet.’
      • ‘The National Culture Fund - set up to facilitate private and public sector funding into heritage - is all set to get a new lease of life.’
      • ‘This popular event at the Grad House, along with other unique aspects of the atmosphere-soaked hangout, stand to gain a new lease on life.’
      • ‘The Committee has been re-formed and given a new lease on life following more than two years of inactivity.’

Origin

Late Middle English: from Old French lais, leis, from lesser, laissier ‘let, leave’, from Latin laxare ‘make loose’, from laxus ‘loose, lax’.

Pronunciation

lease

/lēs//lis/