Tag Archive | “Tenancy at will”

Leasehold

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Leasehold is a term that has originated from the feudal agrarian society in the United Kingdom. In this society, peasants worked on the land that belonged to their lord. Modern leasehold is identical in a way that the property is owned by the freeholder, but for an established length of time the leaseholder is guaranteed possession of it by a lease or contract. The leaseholder has to make a commitment to pay for this possession in payments called ground rent.

Leasehold

Leasehold terms can be renewed

Often a leasehold is for extended periods of time, such as 99 years. A leasehold term can also be several hundreds of years long. It is possible that a leasehold can be sold to another person, but it will be transferred with the existing terms; for instance, if there are 70 years left on the leasehold, that is what the buyer purchases. Leasehold terms can be lengthened or renewed, but as this renovation does not take place automatically, so it is required that the leaseholder must negotiate them with the freeholder.

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