A lease interest is created when the Lessor grants to another party the Lessee a  right of possession of land for a period of time. In effect the Lessess will pay the Lessor a fee for occupation. The terms will be written into a form of a Lease document. The Lease will contain the conditions such as length of time for which the Lease is to run, the property or premises together with right of occupation. The Lease should be registered against the Title. New Zealand contains a lot of Leasehold properties. Here are a few examples of Leases: Commercial Lease, Residential Leases, Leases of Crown Land, Cross Leases or Maori Land. Much care should be taken before purchasing property which is Leasehold. Again homework, research and professional advice should be sought.