What are the differences between these 2 property types?
Freehold – a type of property ownership which is superior to all others because it has no limitations. A freehold title can be bought and sold. The owner of the title is registered at the Land Registry.
Leasehold – a type of property ownership which is granted by the owner of the freehold for a specific term, the terms being set out in a lease. Like the freehold, this is also a title which can be bought and sold, and the owner of the leasehold title is registered at the Land Registry.
Do I need to extend the term of my lease?
As the term of your lease drops below 99 years, the value of your property may start to decrease. Once the lease drops below the 80 year mark, it decreases in value faster and you may have problems selling it, or obtaining a mortgage on it.
Click here for a free, no obligation quote to extend your lease.