What does 'Lease Length' mean when buying a property?
Find out what Lease Length means when you are buying a property. 'What does Lease Length mean?' plus over 150 other property related terms and jargon in plain English
The Freeholder is the person who owns the bricks and mortar of the property and the land underneath.
The number of years left on the lease before it must be returned are known as the "lease length" or the length of the lease.
Once you own the property, if you feel the lease length is short (anything around 70 years or less) you can approach the freeholder and negotiate a price for a lease extension.
To find out more about leasehold properties and what you need to know before buying one pick up a copy of my ebook How to Really Buy a Property.