Leasehold Vs Freehold Explained for Real estate Exam #realestate 🏡✨

Owning Leasehold Vs Freehold property in the UK.🏡✨

Choosing between owning a leasehold or freehold property in the UK is a significant decision that can impact your long-term investment and lifestyle. Let's break it down in simple terms:

Freehold: When you own a freehold property, you have full ownership of both the property and the land it sits on. This means you have complete control over the property without any time restrictions. It's like owning the house and the ground beneath it outright. With a freehold property, you don't have to worry about paying ground rent or dealing with a landlord. It offers more freedom and flexibility in terms of making changes to your property.

Leasehold: On the other hand, owning a leasehold property means you have the right to live in the property for a set period, as specified in the lease agreement with the freeholder (landlord). While you own the property for the duration of the lease, you don't own the land it's built on. Leasehold properties often come with ground rent and service charges that you'll need to pay to the freeholder. Additionally, there may be restrictions on making alterations to the property.
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