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Do I need a structural survey on a leasehold flat?
Comments
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Generally the leaseholder only "owns" as far as the plaster.They each own their flat which includes that part of the building. The freeholder only owns the land when there is a leasehold.
I fact the leaseholder owns nothing. What they have bought is a right to occupy. In effect just a long term rental paid up front.0 -
Generally the leaseholder only "owns" as far as the plaster. I fact the leaseholder owns nothing. What they have bought is a right to occupy. In effect just a long term rental paid up front.
The leaseholder owns more than that. http://www.which.co.uk/money/mortgages-and-property/guides/buying-leasehold-vs-freehold/buying-a-leasehold-property/
It is nothing like renting. It is ownership.0 -
The article says nothing about ownership of the propeerty. A lease is a form of long term rental - no more - no less.The leaseholder owns more than that. http://www.which.co.uk/money/mortgages-and-property/guides/buying-leasehold-vs-freehold/buying-a-leasehold-property/
It is nothing like renting. It is ownership.
You are not buying a property, you are buying a lease.0 -
The article says nothing about ownership. A lease is a form of long term rental - no more - no less.
You are not buying a property, you are buying a lease.
First sentence "As a leaseholder, you own the property, but not the land it stands on."
Leasehold is a form of ownership and not rental. https://www.gov.uk/leasehold-property/overview
The freeholder only owns the land.0 -
If you say so.First sentence "As a leaseholder, you own the property, but not the land it stands on."
Leasehold is a form of ownership and not rental. https://www.gov.uk/leasehold-property/overview
The freeholder only owns the land.
If you lease in a 3 storey block of flats, which bit do you think you own?0 -
If you say so.
If you lease in a 3 storey block of flats, which bit do you think you own?
As I currently have a leasehold purchase contract to hand I can refer to that. It highlights the portion of the property owned is referred to on the land registry document and accompanying map. This shows ownership of the portion of the property associated with the property address.0 -
As I currently have a leasehold purchase contract to hand I can refer to that. It highlights the portion of the property owned is referred to on the land registry document and accompanying map. This shows ownership of the portion of the property associated with the property address.
Think you will find it refers to no more than space, not structure.0 -
Think you will find it refers to no more than space, not structure.
There are two parts to ownership the land and the property. In this instance the land is owned by the freeholder and the property the leaseholder. The leaseholder has responsibility and ownership of the building and must pay for its up keep for the duration of the lease or period of ownership. Ownership of land and estate as defined by the title deeds.0 -
Andy don't be an idiot. In the case of ahouse the entire property may be demised under the lease, but as in my post, most flats stop at the plaster, an eggshell. The exterior and structure is owned by the landlord. In some case a flat may include the exterior wall or roof or foundations adjacent to it, but are relatively rare.
leasehold are a tenancy fee simple in possession for a term of years certain, eg a 99 year lease, and must have a rent, even if just a peppercorn.
i go with the lpa 1925, not which. ,
Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0 -
The only thing the freeholder owns is the land. Even then that is technically owned by the Queen.
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