Freehold is when you own the house and the land the house is built on.
Leasehold is when you don't own the land that the house is built on.
We accept:
- Freehold, share of freehold or leasehold properties
- Leasehold properties must have at least 90 years remaining on the lease at completion
We don't accept:
- Commonhold
- Flying freehold
Usually, houses are freehold whereas flats tend to be leasehold.
Things to consider with leasehold properties
- With a leasehold, you have an agreement with the freeholder (the person who owns the land the house sits on) to live in/rent out the property for a specified number of years (term of the lease.
- You will usually have to pay maintenance fees to help with the upkeep of the shared/common areas of the building.