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What does it mean to lease a house?
What is a house available for lease?
What is a leasehold property?
Is a lease a contract?
What is a long leasehold contract?
Who owns a leasehold property?
Sep 6, 2024 · What does leasehold property mean? A leasehold property means you don't own the building itself or the land it is built on. Instead, you're leasing the home from the freeholder, who owns the land and building.
- Freehold Or Leasehold?
- What Is Leasehold?
- When You’Re Looking at Properties
- Before You Start The Purchase Process
- Things to Consider
- A Leaseholder’S Rights
- Further Sources of Information
It is important to check whether the property you’re looking at is ‘freehold’ or ‘leasehold’. These are the main tenures in England. 1. ‘Freehold’means you own a property and the land it occupies. 2. ‘Leasehold’ means you own the right to occupy a property for a fixed number of years, typically 99 years or more. It is used for properties bought thr...
When you ‘buy’ a leasehold property, you do not become the owner of the property: you acquire the right to occupy it for the amount of time that is remaining on the lease. This guide uses ‘buy’, ‘buyer’, ‘sale’ and ‘purchase’ in that context. If the property you are interested in is leasehold, this means you, as the buyer (i.e. the ‘leaseholder’) w...
Is it leasehold?
The seller, estate agent or developer must tell you if the property is leasehold. They should disclose what this entails, including being upfront about lease length, any costs or fees and how these might change over time.
Do your research
You should know what your legal responsibilities will be before you agree to them by signing any legally binding agreement. If the property is leasehold, find out as much as you can about it. Ask about the level of upkeep and maintenance which may be required and any outstanding service charges, for example. If you decide to buy the property, your conveyancer should send you a copy of the lease and details of current service charges. It is essential that you study very carefully all the docum...
Who is the landlord?
The structure and any common parts of the building will be owned by the freeholder who is likely to be your landlord. Your landlord could be an individual, a company, a local authority, a housing association or a company which is owned by some or all of the other leaseholders in the building. In the last of these, you may be able to become a member of that company; that is where you own a ‘share of the freehold’.
Take legal advice
We recommend seeking independent legal advice from a solicitor. A conveyancing solicitor will act on your behalf to seek information about the property and, if it is within the scope of the work that they have agreed to do for you, will advise you on any risks or implications of a purchase. Although you can ask them questions about the property, they are likely to provide the relevant information on an ‘LPE1’ form – here is a suggested list of solicitors.
Consider the timescale
Buying a leasehold property can take longer than you think. Try to agree a timescale with your solicitor/conveyancer from the outset and bear in mind that your mortgage offer may be time limited.
You must read the lease
It is essential that you read and understand the lease before you sign anything. The lease details conditions attached to the property plus your legal rights and financial and other responsibilities. Your conveyancer will give you a copy of the lease and should summarise the key responsibilities of both you and the landlord under the lease if that service is part of what they have agreed to do for you. You should also be able to get a copy of the lease from the Land Registry for a small charge.
How much does it cost?
Leasehold property will involve on-going financial obligations. As with any long-term financial agreement, you must ensure you can afford to make your payments in full and on time. If you don’t, your home may be repossessed by your landlord through a process called forfeiture.
What does the lease really say?
You should read the lease and seek independent legal advice on its content before purchasing a property. It’s essential to check the lease to make sure you’re happy to agree to it; if you break the terms of your lease the landlord may be entitled to forfeit your property. Try to find out any terms you are not happy with before committing to buy a property!
How does it work?
As a leaseholder, you have a unique set of rights and responsibilities. The landlord, through its managing agent, is likely to be responsible for running the building or development, but in certain situations, you may have a right to be consulted about works and services. You may also have a right to challenge your service charge and administration charges in the First-tier Tribunal (Property Chamber), although you should take independent professional advice before doing this. It is always be...
Leasehold legislation has been altered and added to over time to give leaseholders a broader range of legal rights. Leaseholders can challenge their liability to pay variable service charges at the First-tier Tribunal (Property Chamber) and even take the management of their block into their own hands. It is important to note that not all of the rig...
To find further information, advice and support
1. Association of Leasehold Enfranchisement Practitioners 2. Citizens Advice 3. Government webpages on leasehold property 4. Government guidance on the Leasehold Reform (Ground Rent) Act 2022 5. Federation of Private Residents’ Associations 6. Homeowners Alliance 7. Leasehold Knowledge Partnership 8. Money Helper 9. Shelter 10. The Leasehold Advisory Service- 11. Building safety leaseholder protections factsheet
Codes of Practice
1. Royal Institution of Chartered Surveyors’ Service Charge Residential Management Code of Practice 2. Association of Retirement Housing Managers Code of Practice 3. Association of Residential Managing Agents’ Consumer Charter
Redress Schemes
1. The Property Ombudsman 2. Property Redress Scheme 3. The Housing Ombudsman
If you are thinking of buying a property, it is important to know this from the start. The value of your property reduces as the term (number of years remaining) of the lease gets shorter. If the lease runs out, the flat becomes the property of the landlord.
Leaseholds have lifespans – steer clear of leases around 80 years. Owning a leasehold gives you the right to live in a property for a set period of time, which can be years, decades or centuries. But it's important to understand that in the eyes of the law, you're essentially a tenant of the freeholder for that period.
Apr 25, 2024 · What Does Leasing A House Mean? A house available for lease indicates a formal contract between the property owner (or landlord) and the tenant, whose terms allow the tenant to rent the property in exchange for regular payments over an agreed-upon time frame.
Oct 13, 2020 · Leasehold is one of the most common ways of owning a flat/maisonette/apartment in England and Wales. The other option is freehold but, unlike freehold (where you own the property outright), leasehold only gives you exclusive ownership of the right to occupy the property for the length of the lease.
Sep 4, 2020 · Guidance. Buying or owning a leasehold home. Published 4 September 2020. A long leasehold contract (also known as a lease) allows a leaseholder (also known as the lessee or tenant) the exclusive...
Learn more about leasing in this article from Finance Strategies. Master The Fundamentals of Finance With Finance Strategists. View Our Resources Here.
