A leasehold property is owned by the leaseholder (lessee), who has the right to use and occupy the property for a specific period set out in a lease agreement, but the land itself remains owned by the freeholder (lessor)[1][3][7]. The leaseholder can often sell, rent, or live in the property as stated in the lease terms, but their ownership is temporary and subject to the lease’s conditions and duration[3][5]. Once the lease expires, ownership of the property (and the right to occupy it) usually reverts to the freeholder unless the lease is extended or renewed[4][7].
The leaseholder typically owns everything within the interior boundaries of the property, such as the building itself or the flat’s internal area, while the freeholder retains ownership of the land and commonly the building’s structure and communal areas[6][7]. The rights, obligations, and the extent of what the leaseholder owns are defined in the lease agreement[2][8].
References
- [1] What is Leasehold Property? Meaning, Benefits & Key …
- [3] Differences Between Fee Simple vs. Leasehold
- [4] Freehold and Leasehold ownership – what you need to know
- [5] What Is a Leasehold Property? Everything You Need To Know
- [6] Living in Leasehold Flats – A guide to how it works
- [7] What is Leasehold Property, Its Ownership Rights & Legal …
- [2] Leaseholders Rights and Obligations – Leasehold Information Sheet
- [8] Leaseholder rights and responsibilities – GOV.UK
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