A Comprehensive Guide to Leasehold Vs. Freehold Properties in the UK
When you are buying a property in the UK , you are likely going to be faced with two options, these are whether you should buy freehold or leasehold. It’s important when looking to buy a property that you fully understand the difference between something being freehold and something being leasehold. These differences are going to be explained in more detail throughout the below article but generally speaking, with freehold, you own both the property and the land; however, with leasehold, you own the property for a fixed period of time but not the land it’s built on. What Is Freehold? When you own a property on a freehold basis, you don’t just own the building itself but you own the land it is built on as well. As such, you are responsible for looking after absolutely everything to do with the property, from the walls, roof and outside as well as your various possessions which are kept inside. This can be beneficial as it means that if you are keen on making changes to the pr...