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Leaseholds Vs Freeholds

Leasehold vs Freehold When purchasing a property, you will buy either a freehold or a leasehold. It is important to learn about the distinctions between the two as they lead to widely different costs and responsibilities. Unlike flats, most detached, semi-detached, and terraced homes are freeholds. Freehold As a freeholder, you own both the property and the land. Hence, you are responsible for any repairs, upkeep, and maintenance costs. Freeholders are able to make decisions regarding their property upkeep and modifications such as loft extensions, and removal of carpets. Major property modifications may require local council permission. Leaseholds Leaseholds are very different to freeholds. Most leaseholds are flats. Leaseholders have ownership of the property for a set period of time, the freehold belongs to another individual or to a management company. There are approximately 4.5 million leaseholds in England and Wales. The lease itself may extend up to 999 years. At the end of the lease, the property ownership reverts to the Freeholder Leaseholds have more restrictions than freeholds, for example, many leasehold flats do not permit pets. As a leaseholder, you will have annual costs, such as ground rent and service charges to support the upkeep of the building. The service charge may go up over time. Any major works will require permission from the freeholder. If the length of the lease is low, it is more challenging to resell the property or to get a mortgage. It is possible to extend the lease, though it can be a complex and costly process. Share of Freehold Finally, some properties come with a share of freehold whereby the freehold is split between flat owners within a property. Share of freehold leases are free to extend. Moreover, you will have more control over the service charges costs and no ground rent.