Ownership of property under a lease. The period of ownership depends on the terms of the lease: it may vary from a very short time, such as a week, to a very long period, such as 999 years. The tenant's ownership is also restricted by the terms of the lease. Under the Leasehold Reform Act 1967, holders of long leases (over 21 years) for houses may have a statutory right to purchase the freehold or extend the existing lease by 50 years (see enfranchisement of tenancy). The Leasehold Reform Act 1993 granted a similar right to leaseholders of flats.