Leasehold
What is leasehold?
A Leasehold is a form of land tenure or property tenure where one party buys the right to occupy land or a building for a given length of time. As a lease is a legal estate, leasehold estate can be bought and sold on the open market.
If you are purchasing a leasehold property, you should check:
- How many years are left on the lease?
- If you can extend the lease?
- If you need to pay ground rent?
- If there is a permission fee?
Often Apartments are leasehold. Check what fees you are expected to pay, insurance, maintenance fees, services charges, ground rent. Costs can range from a few pounds to excessive amounts.
Advantage
Disadvantage
Leases of 85 years or below can start to impact the value of the property. There may be restrictions on what you can alter on the property, and you may have to apply for permission to make changes.
Meet the team
Caroline Johnson
Paralegal
cjohnson@millwards.co.uk
07673411123
Matthew Wright
Associate
mwright@millwards.co.uk
07673411131