We have compiled some frequently asked questions about buying leasehold properties to help you find out more about the differences and processes involved.
If you own the freehold, it means that you own the building and land that it stands on outright. Your name is on the land registry as the owner of the ‘title absolute’.
Leasehold means that instead of owning the building and land outright, you instead own the right to use the home/land for the period of time dictated by the length of the lease. Leases can run for anything up to 999 years and the terms of the lease will dictate any ground rent, service charges and restrictions on what the leaseholder can do in or with the property. At the end of the lease, if it is allowed to run down to zero years, the property will return to the freeholder.
© 2022 Spratt Endicott, Spratt Endicott Solicitors are the trading names of Spratt Endicott Limited, a company registered in England & Wales (company no. 08030343) authorised and regulated by the Solicitors Regulation
Authority (registration no. 608169) and by the Financial Conduct Authority (registration number: 709546).
Spratt Endicott Limited uses the word “Director” to refer to a statutory director of the company and certain senior employees. A list of the statutory directors is available for inspection at our registered office, 52-54 The Green, Banbury OX16 9AB and at Statutory Directors. Website by Technique