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What is a leasehold?

What does leasehold mean, and are there special circumstances when buying leasehold property?

Asked on Jun 15 2016, General in London | Report content

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  • Leasehold is the usual form of ownership for flats. It is in principle a very long (99 years is usual) rental agreement, with a low rent but a very high premium (initial payment). As the lease can be assigned (ie sold) it is in practice not much different from freehold ownership but carries obligations to contribute to the maintenance of the whole building.

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    Answered on Jun 16 2016, Report content
  • Hi there, A leasehold is when a party is given temporary rights to a property from a freeholder, who owns the building and the land it stands on. They're often made out for several decades, sometimes centuries. The leaseholder contracts with the freeholder and then pays fees, such as rent, over time and is responsible for some level of building maintenance. Many thanks, Dan

    Answered on Jun 16 2016, Report content

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