There have been many headlines over the last few years concerning the subject of freehold and leasehold. Many homeowners have been surprised to find a hefty maintenance bill for a public space landing on their mat soon after purchase. This is because they have a leasehold property and not a freehold. This is where the services of a company like Sam Conveyancing can be of great help, along with their Conveyancing news. A leasehold property is not necessarily the worst option. For example, when it comes to purchasing a flat, there is no other choice. The owner of the entire building flats will own the freehold; you will just hold the leasehold part containing the flat.
Simply put, if you have the freehold, then you own the property and the land around it. This means that you are responsible for maintaining the building and possessions. You also have control of the land and can shape it within planning regulations. This means you can have a garden that you want or add an extension.
If you own the leasehold, there are set parameters with the freehold owner as to what you are responsible for. This is where the large ground rents have come in. Communal areas are usually dealt with by a cleaning service or maintenance staff. What you save in your own labour costs is offset by the need for the services provided. Local councils are more than happy to have a leasehold near a park or open space as it means they do not have to maintain it creating extra costs.