Lease is a legal agreement between the lessor and the lessee. The lessee or the tenant can occupy the property belonging to the lessor for a certain time period while paying a rental amount. Subleasing of the tenant’s property is strictly prohibited under the lease agreement. Every lease is governed by the laws prevailing in the jurisdiction where the property is located. The lease ends automatically, without notice, when the lease period expires. There is something called as periodic tenancy which gets renewed automatically on a monthly or weekly basis. When the tenant gives up the tenancy to the landlord, it is called as the surrender of the lease.