Finding Property
What is leasehold?
Last reviewed: 3 October 2026
The brief answer
With leasehold you own the right to live in a property for a fixed number of years under a lease. The building and land belong to the freeholder. Most flats in England and Wales are leasehold.
In plain English
A lease sets out how many years remain, what you must pay (for example service charges and, in some leases, ground rent) and what you can and cannot do with the property.
The number of years left on the lease matters. As it shortens, the property can become harder to sell or mortgage, and extending the lease can be expensive. Lenders set their own minimum remaining lease terms.
Leasehold law in England and Wales is being reformed, with changes introduced in stages. Check the current GOV.UK guidance and ask your solicitor how the rules apply to the specific lease.
Why it matters
Leasehold costs and restrictions can significantly affect your monthly budget and future resale.
What to do next
- 1Ask the agent for the remaining lease length, service charge and ground rent.
- 2Ask your solicitor to explain the lease in plain language.
- 3Check service-charge history and planned works.
Checklist
- Years remaining on lease
- Annual service charge
- Ground rent and review terms
- Planned major works
- Restrictions (pets, subletting, alterations)