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Both a contractual and a real estate interest—here known as a leasehold interest—are created by a lease between a landlord and a tenant.Even when a lease is quiet in some areas, the lessee and lessor are presumed to be protected by the legal concept of leasehold.
What does the legal term leasehold mean?
- A leasehold estate gives the tenant a right to use the property, but it does not give them ownership of it.
- This kind of estate is typically outlined in a formal lease that is signed by both the renter and the property owner (the lessor) (the lessee).
- A lease in a non-freehold estate, which is a real estate contract that does not impart ownership interest or rights to the title of a piece of real property, grants a property lessee temporary occupancy rights known as a leasehold interest.
- The freeholder receives payments from you in the form of service fees and rising ground rent.
- To make changes to the property, you need the freeholder's written consent; there can be significant costs involved.
- Pets may not be permitted for you.Your ability to operate a business from home may be limited. You are in charge of maintaining anything inside your home or that is only related to your home as a leaseholder.
- This includes paying all outstanding fees for services, maintenance, upgrades, insurance, and ground rent. The right to use and occupy a flat for an extended period of time, or the "term" of the lease, constitutes leasehold ownership of a flat.
- The typical duration of this is 99 or 125 years, during which time the apartment may be purchased and sold.Since the duration of the term is fixed from the beginning, it gets shorter every year. The property technically reverts to the freeholder's ownership at the end of the lease.
- However, since you may keep extending the lease, this rarely occurs.In fact, an extension is your legal entitlement if you've held the lease for more than two years.
- The Land Registry typically registers the title with absolute or good leasehold title for leased properties.Rarely, qualifying or possessory leasehold titles will be awarded; your attorney will let you know if this is the case in your situation.
- When a property's leasehold period is up, it reverts to being a freehold, meaning the freeholder owns both the building and the land.Even if you have paid off your mortgage and bought the home fully, you will have no legal claim to it until the lease expires.
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