long lease

British

noun

(in England and Wales) a lease, originally for a period of over 21 years, on a whole house of low rent and ratable value, which is the occupants' only or main residence. The leaseholder is entitled to buy the freehold, claim an extension of 50 years, or become a statutory tenant

"Collins English Dictionary — Complete & Unabridged" 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012

Example Sentences

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The rent is described as a "peppercorn", which means a small sum such as £1, which can be paid every year on a long lease, as part of a legal arrangement between a tenant and the landlord.

From BBC

They still live together and as Prince Andrew has his own long lease on Royal Lodge, they'll carry on there as before.

From BBC

He criticised the former prime minister for granting the UK a long lease over Diego Garcia - he said it was 200 years, though the publicised timeframe was an initial period of 99 years.

From BBC

But the prince has a long lease with the Crown Estate and has shown no signs of wanting to budge.

From BBC

In exchange for the land on a long lease from the council, it delivers what it calls social value: affordable homes for rent to members of the community.

From BBC

Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023