99 year leasing

[wendilla]

Could someone please explain what a 99 year lease means.10 bungalows built with a 99 year lease.(england) Thanks.

[Ethel]

It means that the leaseholder owns the land and is usually paid an annual groundrent - often this is a nominal sum, but can be very expensive.

When a person buys a leasehold property, they are buying the actual building, not the land it stands on.

Leaseholders sometimes have the right to buy the lease, and then the property becomes freehold.

Leaseholds are usually measured in centuries, so a 99 year lease is the longest lease one can have.

[wendilla]

Thanks for your quick response one of these bungalows is up for sale and not selling because it is built on land with 99 lease.Thanks I understand now.

[Ethel]

A lot of houses in the UK are leasehold.

Don't dismiss it out of hand if you are thinking of buying. Find out what the ground rent is, who owns the leasehold and if there is an option to buy.