conveyancing, house purchase and houes sale, home information packs by GB Solicitors of Fareham Hampshireproperty purchase and property sale, conveyancing and home information packs - GB Solicitors, Fareham Hants
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Freehold and Leasehold property

conveyancing services from GB Solicitors, Fareham, Hampshire

Freehold is a form of land ownership where the rights to the land last forever. Those rights can be given to someone else temporarily by what is called a lease.

Leasehold is the form of ownership by the person who holds the benefit of a lease so their rights will always have a time limit on them.

Short and long term leasehold

Leases can be created for any length of time. Normally the term "leasehold" is applied to long leases. With flats a lease is often granted for 99 years or 125 years. For commercial premises a lease is more normally granted for between 5 years and 21 years. With both houses and flats a short-term lease for 6 or 12 months might be granted. These shorter leases of residential properties are usually called tenancies.

Passing on a leasehold

Although all leases have a limited time to run a leaseholder (the holder of a leasehold interest) can still grant a lease to someone else provided that this is permitted by their lease and the new lease expires before the main lease. For example, a freeholder may grant a 125 years lease of a flat in a building and the leaseholder may then let the flat on a 12 month lease to a tenant.

For the purposes of the legal fees indicated on this web-site we use the term "freehold" to indicate a transaction that does not involve any lease. For the purchase of a long leasehold property, or for the purchase of a freehold interest affected by an existing lease or tenancy, the "leasehold" figures should be used.

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