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| Leasehold |
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Leasehold flats are normally purpose built blocks of flats and can sometimes have commercial and retail premises on the ground floor. Leasehold ownership simply implies a long tenancy and the right to occupy and use the flat for a period of time, as specified in the lease. This could be for 99 years or 125 years and in some cases 150 years. The flat can be bought and sold throughout that term and as time goes on the lease decreases year by year. This could also have an impact on the ground rent collected on behalf of the freeholder. This can increase at certain points throughout the term. At the end of that term the flat would then revert to the landlord and indeed an assured tenancy could then become a possibility. The ownership of each flat relates to everything in the building within that area, however the structure and common parts and the land on which the land is built are owned by the landlord or freeholder. The lease is a contract between the owner / leaseholder and the landlord and is for a fixed period of time and it is difficult to change the conditions of a lease after purchasing the property. It also sets out the contractual obligations of the two parties and when a flat is sold, the seller assigns all rights and responsibilities of the lease to the purchaser, including any service charges and ground rent. |