Who is the Leaseholder of a Property?
Leaseholder of a Property
A leaseholder is the person who has signed a lease with a landlord to rent real property for a period of time. It is a legal relationship and your rights and obligations depend on the terms of the lease, as well as on the laws of the state or country where you live.
The Leasehold Services is a document that outlines the rights and responsibilities of the landlord and tenant, including how long you can stay in the building and how much you have to pay. It can be complicated, so it’s important to have good legal advice before you buy a leasehold property.
Freehold and leasehold are the two ways you can own a property. A freehold means that you own the whole property outright whereas a leasehold property only gives you the right to occupy it for a fixed period.
Who is the Leaseholder of a Property?
Most homes are either freehold or leasehold. The type of property you own can make a huge difference to how much it costs and how easy it is to sell the property in the future.
Buying a property with a freehold or leasehold is more difficult than buying a similar home that isn’t, and it can take a lot longer to buy and sell your home.
The length of the lease is another thing to consider when purchasing a leasehold property as the shorter the lease, the less the property will be valued. This can make it harder to get a mortgage and it will also make the property more expensive when you eventually do sell.
As the leaseholder of your property, you can extend your lease by asking your freeholder to do so at any time. The length of the extension will depend on how long you have lived in your property and you should be able to get a quote from your freeholder for this.
You can also ask the freeholder to change the terms of your lease, for example by letting you to own more shares in the freehold. The benefits of this are that you’ll have more control over how the property is run and can make more money if you decide to sell it in the future.
The lease will usually include details of the property’s maintenance and repair costs, as well as any enforcement covenants. There may also be details of any ground rent or service charges that the freeholder levys, as well as how these are calculated.
Making alterations to your property without the permission of your freeholder can put you in breach of your lease and could be costly. It could also affect your ability to sell the property in the future as a prospective buyer will want to know that the property is as it should be and any alterations made to it are the permission of the freeholder.
When it comes to extending a lease, it is important to speak to a solicitor who specialises in leasehold property. They will be able to advise you on the best course of action and can help you negotiate the terms with your freeholder.