lease
Lease is a written agreement that lets you use someone else's property for a set time, in exchange for regular payment, without owning it.
In plain English
Think of a lease like borrowing your neighbour's generator for the whole dry season. You do not own the generator, but for as long as your agreement lasts, it behaves like it is yours. You can plug in your freezer, run your business, keep your lights on. The day the agreed time ends, though, the generator goes back, unless you both agree to extend the arrangement.
A lease works the same way with property, except what you are borrowing is space, not a generator. In Lagos, a shop owner might sign a two year lease on a small store in a plaza, paying rent every month or every year, with clear terms on what happens if he wants to leave early or if the landlord wants the shop back.
In the United Kingdom, leases show up in a different but familiar way. Someone buying a flat in London might find it comes with a 99 year lease, meaning they own the right to live there for 99 years, after which the flat technically returns to the freeholder unless the lease is renewed. That surprises a lot of Nigerians who assume buying a home abroad always means owning the land outright.
For someone in the diaspora sending money home to help a sibling set up a business, understanding the lease terms matters just as much as sending the cash. A shop with a shaky one year lease that can be cancelled anytime is a different investment from one with a solid five year lease and clear renewal terms.
The heart of any lease is simple: it spells out how long you can use the property, how much you pay, and what happens if either side breaks the agreement. Everything else, the fancy clauses, the legal language, is really just detail sitting on top of that simple bargain.
A tailor in Abuja signs a three year lease on a shop for ₦600,000 a year, paid in advance each January. The lease states that if she wants to leave before the three years end, she must give the landlord six months' written notice.
Questions people ask
What is the difference between a lease and renting month to month?
A lease locks both sides into fixed terms for a set period, often a year or more, while month to month renting can end with shorter notice and less certainty on either side.
Can a landlord increase rent during a lease?
Not usually, unless the lease itself allows for it. A properly written lease should state clearly whether rent can change before the term ends, so always check that clause before signing.
What happens if I break a lease early?
It depends on what the agreement says. Many leases require notice or a penalty payment, so read that section carefully before you sign, not after you need to leave.
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