Leasehold

Having a leasehold on a property means you own a property for a fixed term but not the land of which the property stands. 

Most apartments are leasehold, as a freeholder will own the whole building and the land. Most leaseholds are long term from 90 -120 years, and in that time, the apartment can be bought and sold for a lump sum.

In recent years many fully sold apartment blocks by law have to offer the freehold to the owners of the leases, as such you'll find that many wholly owned blocks have rewritten their leases to be 999 years to avoid the future cost implication and issues arise from selling a leasehold property with a short lease.

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