Meaning of LEASE in English

LEASE

I. lease 1 /liːs/ BrE AmE noun [countable]

1 . a legal agreement which allows you to use a building, car etc for a period of time, in return for rent

lease on

They took out a lease on a seven-acre field.

The landlord refused to renew his lease.

The 99-year lease expired in 1999.

Do you understand all the terms of the lease?

2 . a new lease of life especially British English , a new lease on life American English

a) if something has a new lease of life, it is changed or repaired so that it can continue:

Historic buildings can have a new lease of life through conversion.

b) if someone has a new lease of life, they become healthy, active, or happy again after being weak, ill, or tired:

an operation to give her a new lease of life

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COLLOCATIONS

■ verbs

▪ have/hold a lease

Who has the lease on the flat?

▪ take (out) a lease (=start having a lease)

He took a seven-year lease on the place.

▪ renew a lease (=keep a lease for a longer period of time)

The company decided not to renew the lease on the office.

▪ grant somebody a lease (=let someone have a lease)

The landlord may grant a lease for a short or long period.

▪ sign a lease (=agree to the legal details of a lease by signing it)

He refused to sign the new lease because the rent was too high.

▪ a lease runs (=continues for a period of time)

The lease will run for 21 years.

▪ a lease runs out ( also a lease expires formal ) (=it stops)

Their lease runs out in June.

■ adjectives

▪ a short/short-term lease

These flats are let on short leases to students.

▪ a long/long-term lease

We’re negotiating a long-term lease on the building.

▪ a 20/30/40 etc year lease

The company has acquired the building on a 30-year lease.

▪ the current/existing lease

The current lease still has 12 years to run.

■ lease + NOUN

▪ a lease agreement

The organization has signed a lease agreement on a 50-acre site.

▪ a lease payment

He is struggling to afford the lease payments on the office.

■ phrases

▪ the terms of a lease (=the legal details of it)

Under the terms of the lease, the tenants have to pay for any repairs.

II. lease 2 BrE AmE verb [transitive]

[ Date: 1300-1400 ; Language: Anglo-French ; Origin: lesser , from Old French laissier 'to let go' , from Latin laxare ; ⇨ ↑ laxative ]

1 . to use a building, car etc under a lease:

I’m interested in leasing your cottage.

lease something from somebody

They lease the site from the council.

2 . ( also lease out ) to let someone use a building, car etc under a lease

lease something to somebody

The building was leased to a health club.

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THESAURUS

■ to pay money to use something

▪ rent to pay money to use a house, room, vehicle, piece of equipment, area of land etc:

He rented a room in a house on the Old Kent Road.

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They flew out to New York and rented a car at the airport.

▪ hire British English to pay money to use a car or a piece of clothing or equipment for a short period of time:

Why don't we hire a van for the day?

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You can hire suits for weddings.

▪ lease to have a legal agreement under which you pay money to a person or company in order to use a building, area of land, vehicle, piece of equipment etc for a fixed period of time :

They leased the offices from an American company.

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The car is leased from BMW.

Longman Dictionary of Contemporary English.      Longman - Словарь современного английского языка.