Leasehold Property
Please forgive my ignorance, but what is a Leasehold property and how would you know you had bought one?
Mel.
(Beachhhhhhh)
 

rafiki

Andy
Leasehold Property
Hi there..When you buy a leasehold property you don't own the land it is built on and would normally pay land rent to the owner of the land. Freehold..you own both the land and the building.
 

KKOB

Completely Chillaxed
Leasehold Property
Leasehold can also refer to the building.

For instance you could buy a 50 year lease on a property for ,say, £250,000. At the end of the 50 year period you have to vacate the property or negotiate another lease term. It's like a very long term rental agreement. During the period of the lease you may have the right to sell the remaining years, if it's been agreed in the original contract. At the end of the term you have nothing and there is usually a "Full Repairing" clause, which means that you have to return the property to it's original condition before vacating it.
 

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