Type of Property

Leasehold Properties:

• Explain that leasehold properties are owned for a set period, typically long-term leases ranging from 99 years to 999 years.

• Describe the rights and obligations of leaseholders, including payment of ground rent and service charges to the freeholder (landlord).

• Discuss potential issues such as lease extensions, ground rent increases, and restrictions on alterations.

• Highlight the advantages, such as lower initial purchase price compared to freehold and maintenance managed by the landlord.

Freehold Properties:

• Clarify that freehold properties are owned indefinitely and include both the land and the building on it.

• Emphasize the advantages of full ownership, including no ground rent, more control over the property, and fewer restrictions on alterations.

• Mention that freehold properties typically hold their value better over time compared to leasehold properties.

• Address responsibilities such as maintenance costs being the sole responsibility of the owner.