What does 'Lease Value' mean?

Lease Value

The value of the lease could have two meanings. The first simply means the value of the property. As an example an apartment has 100 years left on the lease and just sold for £150,000 so the value of the lease is £150,000. The second meaning revolves around the value of the lease if it were extended so the same property, with a 120 year lease may sell for £155,000. In this case the value of the lease extension is £5,000.