UK
Leasehold
Leasehold means the buyer owns the property for the years left on a lease, not the land outright. Most flats in England and Wales are leasehold. The length of the lease, the ground rent and the service charge change what the flat is worth.
Also called Lease.
What the particulars should carry
Years remaining, annual ground rent if there is one, and the current service charge, taken from the vendor’s papers rather than from memory. A short lease can make a flat unmortgageable for many buyers. “Share of freehold” means the buyer would also own a share of the company that holds the freehold. It is not the same as a freehold house.
Do not smooth it over
Leaving the lease length off the first advert wastes viewings and is the kind of omission material-information rules are aimed at. If you do not have the figure yet, say so, and get it before you keep marketing.
Questions
What does Leasehold mean?
Leasehold means the buyer owns the property for the years left on a lease, not the land outright. Most flats in England and Wales are leasehold. The length of the lease, the ground rent and the service charge change what the flat is worth.
General information for agency staff, not legal advice. Rules and local practice change. Check the official source before you rely on a definition in a client letter.