What is leasehold ?
It is a legal agreement where you buy and own a property, but not the land it’s built on. You will only own the property for a set amount of time – this is called the lease.
What is freehold ?
If you own both the land and the property, it’s known as a freehold.
How long are leases ?
They are usually long term – often 90 or 999 years – but they can also be much shorter. The length of the lease will also impact the value of the property.
What happens if the lease ends ?
Ownership returns to the landlord or freeholder, who owns the land and who has essentially granted you or the previous leaseholders the right to the lease.
Where can I get help with leasehold issues?
Leasehold issues can be very complex, legalistic, expensive, and as such we would always recommend that you get specialist advice. The organisations listed below should be able to help you:
“Aims to help leaseholders, publishes authoritative editorial and campaigns for legislative and regulatory changes”.
“Is a family-run business established in May 2002 to enable leaseholders to address their lease lengths, which can often be a complex task.”
“Has been set up to campaign for the abolition of residential leasehold in England and Wales.”
“Offers members impartial advice on a range of legal and other problems concerning their lease and the management of their blocks. FPRA also seeks to assist with problems encountered by the growing sector of retirement/sheltered housing leaseholders.”
Information coming soon.