Whats the difference between freehold, leasehold and commonhold property?
• With freehold property, you are the owner of that property and no one else has a right to that property after a period of time. • With leasehold property, you own the property but only for a specific period of time. You will have to pay a rent during your ownership and you will have to pay towards the costs of providing cleaning, heating and lighting of the common areas, such as the hallways. • Commonhold properties are usually flats, but can also be houses. You will own a ‘unit’ as the freeholder (see above) but will be jointly responsible for the common areas, such as the hallways.
