Most flats in the UK are Leasehold.

Present property law in England and Wales requires that flats be leasehold, although some are sold with a share of the freehold. Legislation introduced in September 2004 does allow a new form of tenure called Commonhold, which is very popular in the States, but still rarely seen here.

Overall a good lease and a well managed and maintained property is a good investment and a great way to live as long as you appreciate your rights, obligations and benefits.

What is a Leasehold flat?

Leasehold flats can include purpose built blocks, converted houses and converted commercial properties like hospitals and hotels.

Buying a property leasehold means that you are buying a very long tenancy, basically the right to live in the property and have use of the property for the term of the lease, usually 99 or 125 years.

The flat can be bought and sold during the lease period, and the length of the lease decreases in length each year.

The ownership of the flat relates to everything within the flat including the internal walls and floorboards, the full details of this is usually shown in the lease contract.

The structure and the land that the building stands on is usually owned by the freeholder who is usually also the landlord.

The freeholder will be responsible to ensure the building is maintained and insured.

More frequently the Residents Management Company (RMC) are choosing to purchase the freehold from their freeholders to enable them to perform these duties themselves.

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