What is Leasehold?


A form of property ownership where the property is owned for a limited period only, although this can be for anything up to 999 years. The freehold of the property is retained by the freeholder and the leaseholder is usually required to pay them an annual ground rent. All new residential leases now have to be created with a peppercorn rent. When a leasehold property is sold, it is sold with however much of the lease remains, though there are legal mechanisms available now to extend a lease when it becomes too short to be valued by prospective buyers.


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