When making inquiries regarding buying or selling property, you may find yourself immersed in new territory, surrounded by unfamiliar terminology. Distinguishing the difference between leasehold and freehold is essential in your property research, as it ensures you make the correct decision regarding your individual circumstances. There are advantages and disadvantages to both positions, which should be considered prior to your search and this practical guide endeavours to assist you with your decision.
It is customary for an advert to immediately make it clear as to whether the property is freehold or leasehold. This is due to the fact that both circumstances carry different implications with varying ownership rights.
If a property is advertised as freehold, it means that you are buying the land which the property is built on, whereas with a leasehold property you do not own the land it sits on. If a property is freehold, it means when it is sold, the owner is also passing on the land and thus complete ownership. Whereas with a leasehold, it is only possible to own the property for an agreed amount of time, until the lease expires.
In leasehold adverts, it will usually disclose the length of the lease, and after the lease runs out, the property will revert back to whoever owns the freehold. Due to this fact, freehold properties are usually more desirable, as you are guaranteed to own the property for as long as you wish.
As an independent estate agent in Stevenage, we can make decisions quickly and tailor our property service to meet your specific requirements. Contact us today on 01438 367753 or via firstname.lastname@example.org.