If you’re unsure about the difference between leasehold and freehold, you’re not alone. Leasehold is the UK’s most confusing property term, searched over 160,000 times a year on Google.
- Leasehold means you own the property for a fixed period (often 90–999 years) but not the land. This is common with flats and some new-builds. You may also pay ground rent and service charges.
- Freehold means you own both the property and the land outright. Most houses in Cramlington and North Tyneside are freehold, though some Shared Ownership homes can be leasehold.
Many buyers prefer freehold for the security of full ownership, but leasehold homes are still common, especially in flats and apartments.
At MortgagePal, I help homebuyers across Cramlington, Newcastle and the North East understand leasehold and freehold and how it affects their mortgage options — making your mortgage simple from start to finish repayments and secure the right mortgage deal.
Sources:
https://www.propertyreporter.co.uk/leasehold-tops-the-list-of-most-confusing-property-terms.html
Your home may be repossessed if you do not keep up repayments on your mortgage.
