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Lease hold vs free hold

I want to buy an apartement in North London ..but i found that most flats are lease hold . Can i find one as a free hold? Is it still profitable to buy a leasehold property and invest in renting it? Are all people trying to sell their propertis here11 free holders? i'm confused

Asked on Feb 15 2014, Renting in London | Report content

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  • Flats are leasehold because it is the effective way to ensure that every flat owner contributes to the maintenance of the building. In some cases (quite common now) the freehold may be owned by the management co run by the leseholders in which case there is a share of the freehold, the leases may also be for 999 years which is in effect as good as freehold. If you do find a flat that is freehold do not buy it, there will be a very inadequate legal mechanism in place to ensure everyone in the block contributes to maintenance.

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    Answered on Feb 15 2014, Report content

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