16th March 2022
This may be a silly question, but in our experience clients do not always understand what they have agreed to buy once they have fallen in love with what they hope will be their new home.
There are two main types: freehold and leasehold. There is another option called commonhold, but this is rare and essentially a mixture of the two.
In basic terms, a freehold property means you own the land and also the building or buildings erected on it. A leasehold generally means you only own part of a property for a fixed number of years, but not the land on which it is built. Flats are often leasehold, but houses can be too.
If you decide to buy leasehold property, you may have to pay regular ground rent and service charges to the owner of the land on which it is built. How much you have to pay, what for and when will be recorded in a contract called a lease. Not all leases are the same and the terms do vary. Therefore, buying a leasehold property is usually more complicated than buying a freehold property.
Whatever property you decide to buy, we can help you with it. Therefore, why not contact one of our property solicitors who will be able to help.
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