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Can you please explain the difference between freehold and leasehold and what it means to 'own a share of the freehold' ? Thanks.

Hi, I am a first time buyer looking to buy for rent as I work abroad. Trying to navigate all the lingo. Thank you for your help!

Asked on Jan 22 2011, General in Billingshurst | Report content

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  • Freehold is where you own the property in its entirety I.E a house. If you are buying a flat someone or company will own the land and building and will charge each of the flat owners Maintenance per year for the upkeep of the building this is known as a Leasehold flat normally with a 99 year lease from when the flat was created (unless it has been extended previously to add more years to it). If you own a share of the freehold typically if there are 4 flats in the building you will share this freehold equally at 25% each. Normally you will get together with the other owners once a year and have an annual meeting to discuss what repairs need to be done. This gives you better control over maintenance as you will have more of a say in how the building is maintained.

    Answered on Jan 24 2011, Report content

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