This most commonly applies to flats, but applies to some houses too and is common for shared ownership properties. You own the property for a fixed term, but not the land on which it stands. Leasehold properties require an annual ground rent to be paid to the landlord or ‘freeholder’.
If the property is a leasehold flat, in addition to the ground rent, you may have to pay maintenance fees, annual service charges and a share of the buildings insurance.
This is where you own the property and the land on which it stands, and there is no time limit to the period of ownership.
You can check whether your property has a lease against it using the Land Registry’s Find a Property service. If the property has a lease you will see two results against the property, for example:
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