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What is the difference between buying a flat and a house?

April 26, 2017buying difference flat House

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What is the difference between buying a flat and a house?

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If you buy a 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 we will be responsible for looking after the structure and the exterior of the block. We will ask you to pay for major repair and improvement works, through service charges. These can be high – sometimes as much as several hundred pounds each year, or even more if your block needs major repairs.