A Collection of some Leasehold Facts

As part of any good advice, one cannot simply seek one on a subject without being informed of some facts and basics first.
In our world today, many things can be confusing, especially legal terms and the consequences we are left with when we do not have enough knowledge about the subject.

In this article we help you build some knowledge before you go on and get the much needed leasehold advice that every current or future homeowner should have.

Basic Definitions

Lease: The contract between the two parties which states the terms and duration of the ownership.

Leaseholder: The buying party, in other words, the tenant who would be occupying the property.

Freeholder: The selling party, in other words, the owner who will be leasing out the property to a leaseholder.

Simplifying some Terminology

must be made clear that whatever the terminology being used, the leasehold system is a form of home or property deal between two parties.
One is the Freeholder, the landlord, who own and continues to fully own the land and property.
The other is the Leaseholder, the tenant who has the right to live or use the property under contract.

This means that, the essence of any leasehold advice you can get is in understanding that as a leaseholder you have the right to occupy a place without full ownership while, a freeholder, must hold their end of the deal by maintaining and up keeping their property.

Where to Get Advice

Definitely, through a professional – it might seem needless to say but, many people overlook the step of seeking professional help when it comes to pre-buying leasehold advice.

With a little bit of research you can find the right advisor or conveyancer for your case. In the last year or two, many firms and groups have been funded to give such advice free of charge or at lower costs to help leaseholders under unjust contracts.