Originally defined as:
“Whoever's is the soil, it is theirs all the way to Heaven 😇 and all the way to hell 😈”, A freehold is essentially a plot of land where you own everything above and everything below. ↕️
A leasehold is defined as:
A form of land or property tenure where one party buys the right to occupy land or a building for a given length of time.
Usually you can have a leasehold of 99 years, 125 years or 999 years⏲️.
When a leasehold drops below 60 years, that’s when it becomes unmortgageable and you’d need to extend it.
A leasehold can pay one of two fees to the freeholder. There’s usually a service charge and it goes towards the maintenance and the upkeep of the communal areas. There’s also something called a peppercorn rent which is a nominal fee that was originally a peppercorn ⚫ but now it could be a pound 💷 or in some strange pub leases, a quart of ale!🍺 🍺
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Explained by Miles Bulloch
Camera & Video by Freddie Marriage