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.
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