Knowing the tenure of the property is important because it affects your rights to use the property and the costs of ownership.Freehold means you’ll own the property and the land it's built on. You'll usually be responsible for the maintenance of the property and have more freedom to alter it.For flats and maisonettes, the freehold is sometimes shared with other properties in the same building. This is known as a share of freehold.Leasehold means you'll have the right to live in the home for a set amount of years (specified in the lease). The landlord (the freeholder) owns the land, and if the lease runs out, ownership of the property will go back to them.Properties with short lease lengths (80 years or less) can decline in value as they are less appealing. Mortgage companies may also be less willing to lend on it. You can extend the lease but costs can be expensive, particularly for those properties with less than 80 years left on the lease. You should confirm the length of the lease and factor in these issues when buying a leasehold property. You're also likely to have to pay an annual amount for ground rent and services charges which can be subject to change. It is good practice to check additional leasehold costs that will apply to the property and factor this into your budget considerations.Shared ownership is a form of leasehold in which you buy a percentage of the property and pay rent on the share you do not own. You may be able to buy the remaining share at an extra cost. When you wish to sell the property, you may need permission to do so.Commonhold is a type of freehold ownership for a property that's within a development. A commonhold or residents’ association owns andmanages the common parts of the property (like stairs and hallways). You'll need to join the commonhold association and contribute towards maintaining the development. It is good practice to check additional costs that will apply to the property and factor this into your budget considerations.Non-traditional
When you buy a park home, you own the building itself, but not the land it sits on. Instead, you'll rent the pitch from the site owner. There will be annual fees to pay to the site owner and it is important to know how often these charges are reviewed.When you buy a houseboat, you own the boat itself, but there will also be boat licenses and mooring fees to pay. It is important to know how often these charges are reviewed.

2 bed flat for saleSt. Catherine Street, Banff AB45

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2 bed flat for sale
St. Catherine Street, Banff AB45