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What is a leasehold property?

Leasehold Conveyancing Quote

As a property lawyer I often get asked similar questions so thought it would be a good idea to publish a guide surrounding the most common type of questions.

One common question is what actually is a leasehold property?

The majority of houses that are bought and sold in the UK are either leasehold or freehold properties.

The majority of leasehold properties are flats which may be in purpose-built blocks, converted houses or part of commercial or retail premises.

Leasehold houses are much rarer but are often in a street or development of houses which all come under the same freeholder. In the case of houses, many owners have since bought the freehold

A leasehold is basically a very long tenancy or right to occupy a property for a defined amount of time. You own this right rather than the bricks, morter and land that the property stands on.

Leasehold properties may be owned by either individuals or companies, and sometimes by housing associations or local authorities.

With a leasehold property there is always a freehold title that the leasehold title has been granted from. The freehold title will be owned by the freeholder or landlord. There will be a lease document governing the relationship that the tenant has with the freeholder. Please see other topics in the frequently asked questions for more information on this.

The Freeholder is generally responsible for the maintenance and upkeep of the building.

If you are considering purchasing a leasehold propety and want some further advice or indications of the likely cost associated with this, please drop me a line on 01623451111 or email me at wjames@fidler.co.uk 

 

 

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