Nearly all retirement and sheltered housing properties to buy will be only available on a leasehold basis. For many older people, this will be the first time they have purchased a leasehold property so it is important to know the key differences:
- Usually applies to owners of flats/apartments and retirement housing
- As a leaseholder you have permission to live in, and use, a property as your home. However you only have temporary ownership of the property and do not own the ground it is on.
- You are generally responsible for interior repairs whilst the freeholder is responsible for external maintenance
- You a generally liable for certain ongoing costs, such as ground rent and/or service charges
- There may be conditions in your lease about who you can sell your property to