(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
Examples of 'long lease' in a sentence
long lease
Storage pods Investors buy a long lease on a storage pod or unit.
Times, Sunday Times (2016)
Agents work out the value of shorter leases as a percentage of long lease or freehold value.
Times, Sunday Times (2006)
If you can't bear to sell at a discount, consider letting out your house on a long lease.