Property Condition
Leasehold
Ownership of property for fixed term from freeholder
Full Definition
Leasehold means owning the property for a set number of years (the lease term) while the land remains owned by the freeholder. Lease terms typically start at 99-999 years. Leaseholds under 80 years become harder to mortgage and more expensive to extend. Always check remaining lease length, ground rent, and service charges before purchasing.
Related Terms
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Analyse a PropertyMore Property Condition Terms
Freehold
Outright ownership of property and land
Lease Extension
Adding years to a leasehold property's remaining term
Property Survey
Professional inspection of property condition
Refurbishment
Renovating property to improve condition and value
Forced Appreciation
Increasing property value through improvements