Information About Leasehold Homes
What is leasehold?
To put it simply, leasehold ownership is a long tenancy. Your lease will provide you the right to inhabit and utilize the home for a longer period - or the 'term' of the lease.
The regard to the lease will be repaired at the start, decreasing in length each year. Therefore, if it were not for inflation, the value of the flat would reduce in time until the eventual expiration of the lease, when the flat returns to the property owner, although this goes through some rights to remain as a tenant in certain scenarios. The property owner can be an individual or company, consisting of a housing association or regional authority.
The leasehold ownership of a flat typically associates with everything within the 4 walls of the residential or commercial property, consisting of floorboards and plaster to walls and ceilings, however does not generally consist of the external or structural walls. The structure and common parts of a structure, as well as the land it stands on, are typically owned by the freeholder, who is likewise the property manager. The freeholder is responsible for the repair and maintenance of the building, with expenses for doing so being recoverable through the service charges which are billed to the leaseholders.
When referring to the leasehold ownership of a home, this generally associates with the entire building - both internal and external - and can include a garden and/or driveway. Typically, the leaseholder of a house would be responsible for the repair and maintenance of the entire structure.
What is a Shared Ownership lease?
For those who are not able to buy a home on the free market, Shared Ownership enables purchasers to acquire a portion of a residential or commercial property while paying lease on the staying share to a property owner.
What is leasehold?
To put it simply, leasehold ownership is a long tenancy. Your lease will provide you the right to inhabit and utilize the home for a longer period - or the 'term' of the lease.
The regard to the lease will be repaired at the start, decreasing in length each year. Therefore, if it were not for inflation, the value of the flat would reduce in time until the eventual expiration of the lease, when the flat returns to the property owner, although this goes through some rights to remain as a tenant in certain scenarios. The property owner can be an individual or company, consisting of a housing association or regional authority.
The leasehold ownership of a flat typically associates with everything within the 4 walls of the residential or commercial property, consisting of floorboards and plaster to walls and ceilings, however does not generally consist of the external or structural walls. The structure and common parts of a structure, as well as the land it stands on, are typically owned by the freeholder, who is likewise the property manager. The freeholder is responsible for the repair and maintenance of the building, with expenses for doing so being recoverable through the service charges which are billed to the leaseholders.
When referring to the leasehold ownership of a home, this generally associates with the entire building - both internal and external - and can include a garden and/or driveway. Typically, the leaseholder of a house would be responsible for the repair and maintenance of the entire structure.
What is a Shared Ownership lease?
For those who are not able to buy a home on the free market, Shared Ownership enables purchasers to acquire a portion of a residential or commercial property while paying lease on the staying share to a property owner.