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WHAT IS A FREEHOLD PROPERTY?

Updated: Mar 29



Navigating the UK property market can seem like a maze, especially when terms like 'freehold' and 'leasehold' pop up. But don't worry – we're here to simplify things. Whether you're a first-time buyer or considering a move, understanding these concepts is crucial. Let’s break it down in everyday language.


What is Freehold?


Owning a freehold means you own both the house and the land it's built on, including any outdoor spaces like gardens. It’s straightforward – no strings attached. You won’t need to deal with leases, ground rent, or maintenance fees. This is the most common way to buy a house in the UK and is often seen as the preferable option for many homeowners.


What about Leasehold?


Leasehold is a bit different. Here, you own the property but not the land it’s on. Instead, you have the right to occupy the land for a set period, usually between 125 and 999 years. Flats often come under this category, but houses can be leasehold too. As a leaseholder, you’ll likely pay ground rent and a service charge, which covers the cost of maintenance for shared spaces and the building's exterior. The landlord, or freeholder, takes care of this maintenance.


Can You Buy the Freehold?


If you're living in a leasehold property and fancy more control, you might wonder about buying the freehold. While it’s possible, remember the freeholder isn’t obliged to sell. But you can always ask – gaining the freehold means shedding those ground rent and service charge costs.


Conclusion: Empowered Choices for Homebuyers


Understanding the differences between freehold and leasehold properties empowers you to make informed decisions. Whether you cherish independence and minimal fees with a freehold or prefer the managed aspects of a leasehold, knowing what suits your lifestyle and budget is key. And remember, if you're eyeing a leasehold, exploring the option to buy the freehold could be a game-changer.

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