2 bed flat for sale

Tenure

Knowing the tenure of the property is important because it affects your rights to use the property and the costs of ownership.

Freehold means you’ll own the property and the land it's built on. You'll usually be responsible for the maintenance of the property and have more freedom to alter it.

For flats and maisonettes, the freehold is sometimes shared with other properties in the same building. This is known as a share of freehold.

Leasehold means you'll have the right to live in the home for a set amount of years (specified in the lease). The landlord (the freeholder) owns the land, and if the lease runs out, ownership of the property will go back to them. Lease lengths that are less than 80 years tend to be more complicated and can cause issues with mortgage lenders.

You can extend a lease but this can be expensive. If you'd like to make changes to the property, you'll likely need the landlord’s permission. You're also likely to have to pay an annual amount for ground rent and services charges which can be subject to change. It is good practice to check additional leasehold costs that will apply to the property and factor this into your budget considerations.

Shared ownership is a form of leasehold in which you buy a percentage of the property and pay rent on the share you do not own. You may be able to buy the remaining share at an extra cost. When you wish to sell the property, you may need permission to do so.

Commonhold is a type of freehold ownership for a property that's within a development. A commonhold or residents’ association owns and manages the common parts of the property (like stairs and hallways). You'll need to join the commonhold association and contribute towards maintaining the development. It is good practice to check additional costs that will apply to the property and factor this into your budget considerations.

Lease length

What it is

This is the number of years you have the right to live on this property. After this time, ownership goes back to the landlord (the freeholder).

Why it’s important

Properties with short lease lengths (80 years or less) can decline in value as they are less appealing. Mortgage companies may also be less willing to lend on it. You can extend the lease, but costs can be expensive, particularly for those properties with less than 80 years left on the lease. You should confirm the length of the lease and factor in these issues when buying a leasehold property.

Contact the agent for more details.