lease / let
Explanation:
Here they do seem to be used as synonyms. Otherwise, quite basically, I'd say if I "lease" sth, I'm the one who gets it and uses it, possibly with the option of buying it at the end. If I "let" it, I'm the owner, let s.o. use and pay for it, and get it back at the end. I've heard of s.o. (the owner) letting an apartment, but never of s.o. leasing one.
| Colin Newberry
Germany
Local time: 10:25
Native speaker of:  English, German
|
|
12 mins confidence:   see leasehold and letting as described below
Explanation:
the terms in general acceptance, rather than in strictly legal terms, are that a lease is the right to occupy or dispose of premises such as an apartment for a number of years (may often be 99, or whatever remains following previous leadeholders), not paying rent but perhaps 'ground rent', i.e. the rent for the land that the premises stand on). This leasehold is opposed to a 'let', which is the right to occupy premises on payment of rent.
| | | | Login to enter a peer comment (or grade) |
1 hr confidence: peer agreement (net): +1 A lease: a legal agreement granting possession for a specified term. Let = allowing occupancy.
Explanation:
In common language I think they may be interchangable. However, in law a lease is a particular property right for a fixed term and price. Letting is really the action of finding tenants (and doesn't always involve a fixed term).
[Below is a lot of legal information about leases, real property and the Crown's eminent domain from a law textbook:
Lease: a contract whereby one party, known as the lessor, grants possession of real property, for a specified term, and for a predetermined consideration, to another person, known as the lessee.
Leasehold: real property held on lease, an estate in land
Rights in property apart from ownership:
It is quite usual for one person to have ownership of an item of property and for some other person also to have rights in the same property. Thus ownership and possession will frequently be vested in different people. In the case of real property this is termed a lease...
In the case of a lease the owner has given right of possession or occupancy to another person. The lease can be for any term in regard to the time for which it is to run and can have other terms and conditions written into it. A person who takes a lease of premises may sublet them to another party.
Real property/the estate in land:
Our law relating to real property rests upon a fundamental assumption, which some may be inclined to refer to as a fiction, and that is that it is only the Crown which may own land absolutely in New Zealand. A private individual may hold merely an estate in land, which is generally related to the time for which it lasts. The maximum estate which may be so held is referred to as 'the estate in fee simple', which continues indefinitely. To the layman, this is absolute ownership of land, and the 'incidents' attaching to this estate are all but co-extensive with absolute ownership. The holder of an estate in fee simple may sell the land, gift it, dispose of it by will, commit waste. The lesser estates in land have already been referred to; these are the estate for years which is a lease, and the life estate or life tenancy, the former lasting for a specified period and the latter for the lifetime of a specified person.
The fiction of the Crown's absolute ownership (eminent domain) is sometimes cited as a legal basis for the fact that the Crown has the right to take land under the provisions of the Public Works Act 1981. If a person dies without disposing of his land and has no relatives, his land will revert to the Crown.
There are some things attached to the land in which only the Crown may retain ownership. This includes unmined minerals such as coal, gold, silver, oil, uranium. Other real property such as the beds of navigable rivers and lakes, are also vested in the Crown. Country roads are also vested in the Crown but those in cities will usually be vested in the local authority.
Reference: Mulholland "Introduction to the New Zealand Legal System', Butterworths,1985]
Dictionary definitions:
1 lease = to make a legal agreement by which money is paid in order to use land, a building, a vehicle or a piece of equipment for an agreed period of time
2 let(UK) = rent (US) to allow your house or land to be lived in or used by someone else in exchange for a regular payment.
Cambridge Advanced Learner's Dictionary
| | |
| | Login to enter a peer comment (or grade) |
1 day 11 hrs confidence: some more details
Explanation:
The confusion might come from the fact that there are quite substantial differences in the regulation of lease agreements and there are different forms of the lease agreements as well. Setting aside the leveraged/ synthetic etc. lease schemes, we have to do with two basic types of the lease:
- financial lease and
- operating lease.
Operating lease is very much like rental: you pay a fee and when you do not use the leased asset any more, you simply give it back. (Some items of machinery, computers etc.) Operating lease is a bit more formal arrangement, than simple rental is. If you rent out your flat, you don't need more than a short contract, but if you rent out a multi-floor house with several flats therein, you better make it a lease deal...
Financial lease is a different story: here, you borrow something for a set period of time, at the end of which you TYPICALLY have the option to buy it. (Sometimes operating leases also allow such options, though.) At any rate, in a financial lease, the asset has a long lifetime and a substantial value + the lease scheme may ensure lots of advantages in terms of accounting. (For the same reason, leases are regulated by IAS 17.)
At any rate, don't worry too much: if the contract provides for a mandatory purchase of the asset in question (real estate, in this case), it basically is no longer a lease, therefore, to lease and to let are much closer than it initially might seem. (An official definition of the financial lease is established the UNIDROIT Treaty of Ottawa, May 28, 1998, but national legislation may set rules different from that.)
As to the portion quoted, my twopence:
Although occupier demand is subdued, we have had success over the last month, particularly in the **lease** markets. Below are details of the largest **leases** for years as well as other major **lettings**. **Leasing** teams are performing well in tight markets...
This way, you circumwent the problem of 'largest deals and other major deals' - it is comprehensible, but it does not read well and, as I mentioned, lease deals are typically much larger in size than "lettings".
HTH,
Eva
| Eva Blanar
Hungary
Local time: 10:25
Native speaker of: Hungarian
PRO pts in category: 4
|
| | Grading comment a very very big thank you to all.
everyone provided very valuable viewpoints, although i have to admit i found lai'an's and eva's explanations most helpful. eva, i think your assertiveness helped me make my mind up. i now understand that spanish has adopted the term "leasing" in the exclusive sense of financial leasing and you are right, i think this was the main area of confusion.
many many many thanks again and as i like to say,
miles de sonrisas :O) :O) :O)
álvaro |
| | Login to enter a peer comment (or grade) |
Login or register (free and only takes a few minutes) to participate in this question.
You will also have access to many other tools and opportunities designed for those who have language-related jobs
(or are passionate about them). Participation is free and the site has a strict confidentiality policy.
KudoZ™ translation help
The KudoZ network provides a framework for translators and others to assist each other with translations or explanations of terms and short phrases.
See also: Search millions of term translations
You can request verification for native languages by completing a simple application that takes only a couple of minutes.
Review native language verification applications submitted by your peers. Reviewing applications can be fun and only takes a few minutes.
View applications
|
