A leaseholder is a person or entity that holds a lease for a property, allowing them to use and occupy it for a specified period. This arrangement typically involves paying rent to the property owner, known as the freeholder. Leaseholders do not own the land the property is on; instead, they have the right to use the property according to the terms of the lease. Lease agreements can vary in length, often ranging from a few years to several decades. At the end of the lease term, the leaseholder may need to renew the lease or vacate the property. Leaseholders may also have certain rights and responsibilities outlined in the lease, including maintenance and repair obligations.