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