Land Law - Freehold Estate - ​Grant of a Lease 
 It is essential that you keep in mind what we discussed at the beginning of this chapter, which is that the owner of an absolute freehold estate (the fee simple absolute in possession) is allowed to do whatever they want with that estate, including granting a lease to a third party. This is something that you should keep in mind before moving on to leases. As you shall see in Chapter 5, a lease must always be given for a predetermined amount of time. As a result, the leasehold estate will be immediately extinguished once the time period that was stated has passed. The leaseholder enjoys exclusive possession of the property throughout the duration of the lease, and they are free to dispose of, transfer, or otherwise engage in any other transactions involving the leasehold interest for their own ownership. On the other hand, remember that this is only the leasehold interest, and the freehold estate will continue to exist regardless of the number of times the leasehold estate is sold or transferred.