Compare quotes from conveyancing solicitors servicing Beaminster

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What does Commonhold mean?

Commonhold is the term given to the circumstance where you can buy the freehold and own common parts of the building jointly with other persons. This mostly applies to flat occupation/ownership.

No ground rent or service charge would be payable payable but it’s likely that you would have to contribute towards general maintenance and insurance for the common parts of the building. (Stairwell lighting, lift maintenance, gardening etc).

What does Leasehold mean?

Leasehold means that somebody else has title to the land and that you will therefore have to pay a ground rent and possibly also a service charge to the freeholder (owner of the freehold title). It is normally possible to buy the freehold title at a later date as a separate purchase transaction.

It therefore follows that the valuation of two identical properties, one being leasehold and the other freehold, would result in a lower value being applied to the leasehold property.

It is important to check the length of time remaining on the lease (Commonly the leases would have been originally issued with a 99 year life span). If not much time is remaining on the lease it may be difficult to obtain a mortgage, unless the freehold can also be purchased subsequently.