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What is a leaseholder?

April 26, 2017leaseholder

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What is a leaseholder?

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If you buy your house you will usually buy the freehold. This means you will be the outright owner. If you buy a flat, you will become a leaseholder. Normally, this means that you will be responsible for the interior of your home whilst your landlord will be responsible for looking after the structure and the exterior of the block. You will be asked to pay for major repairs and improvement works through service charges. These can be high – sometimes as much as several hundred pounds a year. You will also have to pay a ground rent of £10 per year.