First and last time Nancy got a leasehold (7)
I believe the answer is:
tenancy
'a leasehold' is the definition.
(I've seen this in another clue)
'first and last time nancy' is the wordplay.
'first and last' says to hollow out the word (remove centre letters) (only the first and last letters are used).
'time' with its centre removed is 'te'.
'te'+'nancy'='TENANCY'
'got' is the link.
(Other definitions for tenancy that I've seen before include "Rental agreement" , "Let" , "Rental arrangement" , "Lease (of a house)" , "Temporary occupation of property" .)