What does leasehold property mean?
Asked on Sep 21 2010,
General in Petersfield |
It means you don’t actually own the land the property is built on, it is normally flats. You pay ground rent over a set period either 99 or 125 years from new. You need to check how long is left on the lease as lenders like to have in excess of 65 years left. It is also worth looking into any maintenance payments that need to be paid.
Answered on Sep 21 2010,
Mark is right, leasehold means that whilst you own the bricks and mortar, you do not own the land it sits on. You enter into a lease (rental period really) with the landowner (freeholder) for the right to have your property on that land. A payment or ground rent is usually paid to the freeholder.
Answered on Sep 22 2010,
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