Skip to main content Skip to footer

What does "leasehold" property mean?

Looking at properties and some are described as leasehold properties, what does this mean? If I bought a flat, would I pay the landowner rent?

Asked on Mar 11 2011, General in Bellshill | Report content

Answers (2)

Was this question useful? Yes 1 No 0

Sort by: Oldest | Recent | Highest rated

  • Leasehold flats and houses may be in situated in purpose-built blocks, converted houses or as part of commercial or retail premises. Leasehold ownership of a flat fundamentally means a long tenancy - the right to own, occupy and use a flat for a long period known as the 'term' of the lease. This can be for between 99 - 999 years; and the flat can be bought and sold within that period. There are 'long' leases and 'short' leases, referring to the number of years left on the lease. From the outset of the lease, the term is fixed, and decreases every year. At the end of the lease, the flat is returned to the owner of the building. Technically, even whilst a leaseholder owns the lease on a property, the owner of the freehold retains ownership of the external and structural walls, as well as any common parts of the structure. The owner of the building is also responsible for the maintenance and repair of the building. Leasehold properties may be owned by either individuals or companies, and sometimes by housing associations or local authorities. Often, leaseholders purchase the freehold of the building in which they live by creating a residents’ management company.

    Answered on Mar 11 2011, Report content
  • I attach a link to an RICS leaflet about buting a home, there's another useful one about arranging a survey in the same series. I suggest if you decide to but a property you have a survey done by a chartered valuation surveyor. If the property is leasehold he/ she together with your solicitor will explain what your responsibilities will be under the lease before you commit to the deal. A lease may impose responsibilty not just for rent, but also insurance recharges, service charges and a respnsibility to maintain.

    Web reference:

    Answered on Mar 12 2011, Report content

Didn't find what you were looking for? Ask a question

More General in Bellshill questions on AskMe

See more AskMe Q&A about General