Buying a Residential Leasehold Property – FAQs

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If you’re considering the purchase of a leasehold property as your new home, there are some additional considerations to take into account, which are not applicable when you buy a freehold home.

We have compiled some frequently asked questions about buying leasehold properties to help you find out more about the differences and processes involved.

What is the difference between a freehold and a leasehold property?

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.

 

Buying a Leasehold Property FAQs

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