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Leasehold PDF Print E-mail
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 lease could be for 99 years, 125 years, 150 years or in some cases 999 years.

The lease can be brought and sold throughout the term and as time goes by the lease decreases year by year.  This could also have an impact on the ground rent collected on behalf of the Freeholder, as this can increase at certain points throughout the term of the lease.

At the end of that term, the flat would then revert to the Landlord and indeed an Assured Tenancy could then become a possibility, however in most cases, Lessees will, as a rule, extend their lease with their Freeholder, when this becomes a problem.

The ownership of each flat relates to everything in the building within that area, however the structure, the common parts and the land on which the flats are built are normally owned by the Landlord or Freeholder.

The lease is a contract between the Owner / Leaseholder and the Landlord and it is for a fixed period of time and it is difficult to change the conditions of the 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 new purchaser, including any service charge and ground rent.