Leasehold means that you just have a lease from the freeholder sometimes called the landlord to use the home for a number of years. The leases are usually long term often 90 years or 120 years but as high as 999 years – but can be short, such as 40 years. A leaseholder has a contract with the freeholder, which sets down the legal rights and responsibilities of either side.
Benefits of lease extensions
A series of Government acts have given leaseholders protection against short leases, by giving them the right to extend their lease or the right to buy the property but this can be very expensive indeed. The law is slightly different depending on whether you have a house or flat
If you eventually want to sell a leasehold property you’re buying, think about how many years will be left on the lease by that time.
You can ask the landlord to extend the lease at any time.
And once you’ve owned your home for two years, you have the right to extend your lease by 90 years, provided you are a qualifying tenant.