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.
Read the full story at https://www.insight-law.co.uk/blog/your-guide-to-residential-leases/