GLOSSARY
LEASEHOLD
Leasehold properties are only owned for a fixed length of time (on a lease). Most flats/apartments and maisonettes are of leasehold tenure. You may own the property but not the building in which the property is located. There are additional charges associated such as service charge and ground rent that continue to be payable after your purchase.
The length of your lease will be in your lease agreement (usually between 90 and 999 years. When the lease ends, the property goes back to the freeholder however you can ask the freeholder for the lease to be extended.
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