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What is a Leasehold Property?
A leasehold property is one that is owned by someone (the leaseholder) for a fixed period of time, rather than in perpetuity (as with a freehold property). Leasehold properties are common in the UK, especially for flats and apartments.
The terms of the lease will be set out in a legal document called a lease. This will specify the length of the lease (e.g. 99 years), the rent that the leaseholder must pay to the landlord (called the “ground rent”), and any other terms and conditions that apply.
Leasehold properties can be bought and sold in the same way as freehold properties. However, it is important to understand the terms of the lease before buying a leasehold property, as there may be certain restrictions or obligations that come with the property. For example, the lease may require the leaseholder to pay a service charge to cover the cost of maintaining shared facilities or to obtain the landlord’s permission before making certain changes to the property.
When the lease comes to an end, the property will revert to the landlord (unless the lease has been extended or the property has been purchased on a freehold basis).
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