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[bloglines.com](https://www.bloglines.com/living/impact-technology-future-real-estate-industry?ad=dirN&qo=serpIndex&o=740010&origq=real+estate)<br>If you own the [freehold](https://lourealtygrp.com) of your home, it implies that you own the building and the land it sits on. If your residential or commercial property is leasehold, you own the [residential](https://www.seabluedestin.com) or commercial property but not the structure or land and should pay ground rent to the freeholder.<br> |
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<br>Freehold vs leasehold: the crucial distinctions<br> |
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<br>Do you understand what is meant by a freehold or leasehold residential or commercial property? Experienced estate representative, Ian Harris helps explain the crucial distinctions.<br> |
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<br>Subscribe to our video channel<br> |
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<br>Ensure you stay up to date with our video material as it's released. By subscribing you will be informed as soon as new videos are launched.<br> |
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<br>What does leasehold imply?<br> |
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<br>You are buying a lease from the freeholder for the right to reside in the residential or commercial property for a set variety of years. You won't technically own the residential or commercial property outright, the freeholder (or landlord) will continue to own the residential or commercial property and the ground it sits on. Leasehold is commonplace when buying a flat or home as it sits within a larger building.<br> |
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<br>The variety of [leasehold houses](https://vreaucazare.ro) has however grown in the last few years, especially with brand-new builds that are offered directly through the designer.<br> |
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<br>Recent modifications to the law<br> |
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<br>The Leasehold and Freehold Act 2024 is now law, but specific parts of the Act are being implemented one at a time so not everything has been done yet. You can see the progress of the modifications here. Eventually there will be a restriction on the sale of new leasehold flats, making Commonhold the brand-new default period instead, where each unit-holder owns the freehold of their home.<br> |
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<br>Learn more about what's changing for leasehold<br> |
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<br>Main point to know that have been implemented up until now are:<br> |
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<br>- If you own a flat, you can now extend your lease without waiting 2 years first (since January 2025). |
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- This indicates that more [leaseholders](https://seedrealty.in) in mixed-use structures can make an application for the right to handle |
