Centuries-old leasehold system to be abolished in England and Wales
HexagonSun @ HexagonSun @sh.itjust.works Posts 4Comments 75Joined 2 yr. ago
HexagonSun @ HexagonSun @sh.itjust.works
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Leasehold is basically buying a property without actually truly owning it.
You “buy” a flat, but you’re actually only buying the lease to live there. Not that any single person ever lives long enough for this to happen, but technically if you lived there 99 years it would then revert to belonging to the freeholder and you’d be left with nothing.
In reality, anything below 80 years is seen as problematic and you have to renew the lease before then, at great cost.
If a lease does fall below 80 years, the costs for renewal get increasingly absurd.