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Insight Law: Your guide to residential leases

23 August 2020 0

Flats and maisonettes are usually sold as leaseholds. If you buy a new-build property or a shared ownership home, it might also be a leasehold. Here we explain the implications of residential leases and what you need to know to protect your interests.

What is a leasehold property?

When you purchase the lease of a property you are buying it for a set number of years. Most leases last for at least 125 years. With a lease, you are only purchasing the property and not the land it stands on.

By contrast, when you buy a freehold, you purchase a property outright as well as the land it stands on. Most houses are freehold.

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