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The Law of Property Act 1925 simplified the conveyancing process by creating two “estates” or interests in Land. One is leasehold. One is freehold. The freehold estate or “fee simple absolute in possession” and the Leasehold estate, or “term of years certain”. Leasehold is therefore an estate in land which is held for a term certain, or on a periodic tenancy basis, for a length of time less than the landlord’s interest.A lease usually provides the tenant with exclusive possession of demised premises, for a definite period, in exchange for a payment in the form of rent or a premium.