What does 'Leaseholder' mean when buying a property?
Find out what Leaseholder means when you are buying a property. 'What does Leaseholder mean?' plus over 150 other property related terms and jargon in plain English
Leaseholder
A leaseholder is the person who owns a leasehold property.
This means you have a right to live in the property for a number of years specified in the lease but the land the property is built on and the building itself remain the property of the freeholder.
The freeholder is responsible for the upkeep of the building and communal services such as lighting in staircases, maintenance of lifts, etc.
To cover these costs leaseholders usually need to pay a service charge as well as a ground rent for the land which the building sits on.
If the freeholder does not want to get involved in the maintenance of the building he or she may well hire the services of a Managing Agent who will do this on their behalf.
To learn more about leasehold properties and the smart way to buy them pick up a copy of my ebook How to Really Buy a Property.
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