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English definition of “lease”

lease

verb [T] uk   /liːs/ us  
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: The estate contains 300 new homes, about a third of which are leased to the council. [+ two objects] It was agreed they would lease the flat to him/lease him the flat.

lease

noun [C] uk   /liːs/ us  
a legal agreement in which you pay money in order to use a building, piece of land, vehicle, etc. for a period: He has the flat on a long lease. The lease runs out/expires in two years' time. We signed a three-year lease when we moved into the house.
(Definition of lease from the Cambridge Advanced Learners Dictionary & Thesaurus © Cambridge University Press)
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