What happens at the end of a lease term?

If you have a leasehold flat, you do NOT have ownership of it. What you have purchased is the right to rent your flat or apartment at a low (ground) rent for a period of time. At all times the ownership of the property remains with the freeholder (landlord).

When a lease runs out, you no longer have tenancy, and the freeholder has full use of the property again.

However, as a leaseholder you do have quite a few rights;

You have the right to extend the lease, which is much cheaper to do when the lease is quite long, however gets more and more expensive as the lease gets shorter.

You also have the right to pre-empt the sale of the freehold if the original freeholder puts it up for sale.

For further information about lease extension see http://www.flat-living.co.uk/advice/496-can-we-extend-our-lease