Leasehold and freehold properties

Here is the lowdown on Leasehold and freehold properties, essential information when buying a house!

• A freeholder of a property owns it outright, including the land it is erected on.
• The majority of  HOUSES are freehold but some might be leasehold – usually through shared-ownership schemes.
• With a leasehold, the person owns a property for the length of their lease agreement with the freeholder.
• Leaseholders have to pay their freeholders ground rent and other fees in order to make changes to their homes.
• When the lease ends, ownership returns to the freeholder unless the person can extend the lease.
• Some wish to buy their freeholds to save themselves these costs.

Source: The Money Advice Service

Check out this BBC article to find out what can go wrong with leasehold properties and the consequences.

http://www.bbc.co.uk/news/business-38827661

This Blog was written for  Go Panda removals Cardiff

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