Bu işlem "Buying A Leasehold House"
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If you own the freehold of your home, it means that you own the building and the land it sits on. If your residential or commercial property is leasehold, you own the residential or commercial property however not the building or land and must pay ground lease to the freeholder.
Freehold vs leasehold: the essential differences
Do you understand what is implied by a freehold or leasehold residential or commercial property? Experienced estate agent, Ian Harris helps discuss the essential differences.
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What does leasehold indicate?
You are buying a lease from the freeholder for the right to reside in the residential or commercial property for a set number of years. You won't technically own the residential or commercial property outright, the freeholder (or landlord) will to own the residential or commercial property and the ground it sits on. Leasehold is commonplace when buying a flat or apartment as it sits within a bigger structure.
The variety of leasehold homes has however grown recently, particularly with brand-new builds that are sold directly through the developer.
Recent modifications to the law
The Leasehold and Freehold Act 2024 is now law, but private parts of the Act are being carried out one at a time so not whatever has been done yet. You can see the progress of the changes here. Eventually there will be a restriction on the sale of brand-new leasehold flats, making Commonhold the new default period instead, where each unit-holder owns the freehold of their home.
Learn more about what's changing for leasehold
Main point to know that have actually been implemented up until now are:
- If you own a flat, you can now extend your lease without waiting two years first (since January 2025).
Bu işlem "Buying A Leasehold House"
sayfasını silecektir. Lütfen emin olun.