I want to buy a new build house, but many seem to be sold
leasehold rather than freehold. I'm confused as I thought
houses were usually sold freehold. What will it mean for me if I
buy a leasehold house?
In England, our system of land ownership is based on the concept
that the owner of the 'freehold' interest owns the land,
the soil below, the air above and any buildings that might happen
to be erected upon it.
With leasehold properties, most commonly apartments, the
'owner' in fact only owns the residue of a lease that was
previously granted by the owner of the freehold land i.e. their
ownership is impermanent and at some future point their lease will
come to an end. Leases will generally make provision for who
maintains and insures the property and also call for a certain sum
to be paid each year to the freehold owner to keep the lease in
existence. This sum is called a ground rent and can range from a
peppercorn (the legal equivalent of zero) to hundreds, or
