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In very simplified terms, the difference between a freehold and leasehold properties is:
- Freehold – you own the bricks and mortar, the land it stands on, you are the outright owner. Amongst other things, you insure the property and choose (within reason) what you do with it.
- Leasehold – you have a landlord who owns the bricks and mortar but who grants you a lease for a term of years. The landlord will insure the building, deal with the maintenance, enforce the terms of the lease, subject to you paying service charges.
The majority of houses are freehold; most flats are leasehold.
This means the sale or purchase of a leasehold property varies. We still have to do the searches, have your finance in place, check the contract pack, but this time the contract pack will include a lot more, most notably the lease and what is known as a management pre-assignment pack.
We will guide you through it all, report to you fully on the terms of the lease and how the management of the building - not just your flat – works.