What's the difference in freehold v leasehold?
Asked on Mar 7 2013,
Selling in Warrington |
The difference between leasehold and freehold is reasonably straightforward with regards terminology. For the former, it means that although you have purchased a home, you only own the right to live there for a set number of years, whereas the latter means you own it outright.
In terms of the leasehold agreement, these are normally granted in the first place for a large number of years, but obviously this decreases over time. If you are looking to sell one, it can be a bit problematic if it has less than 70 years on the lease, as the majority of lenders will not grant a mortgage for this.
However, you can apply for a lease to be extended or even buy it out at cost.
Answered on Mar 8 2013,
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