Buying a leasehold involves obtaining the exclusive right to occupy a property for a fixed period, typically ranging from 99 to 999 years, without owning the land itself. Leasehold properties are often apartments, flats, or houses built on land owned by a freeholder, who grants the lease to the leaseholder.
Acquiring a leasehold offers several advantages. Firstly, it allows individuals to access properties in prime locations that they might not be able to afford to buy freehold. Secondly, leasehold properties often come with lower upfront costs compared to freehold purchases. Additionally, leaseholders benefit from shared maintenance responsibilities, as the freeholder is typically responsible for maintaining the exterior and common areas of the property.
