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Robert Ellis Estate Agents

35 years experience selling and letting properties in your area.

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Beeston Estate Agents

What is the Difference Between Freehold and Leasehold?

What is the Difference Between Freehold and Leasehold?

Buying a new home in NOTTINGHAM is a commitment, and it’s not one that you should ever take lightly. It’s also not something you should go into blind. Having a deposit saved up, looking at your budget, knowing what you need from the property ahead of time – all of these things will help immensely when buying a house.

Knowing the difference between a freehold and a leasehold is also important as it can impact which properties in NOTTINGHAM you will be looking at as a whole. Knowing if you’re happy to look at leasehold properties or if you only want to view freehold properties can streamline your hunt for a new home immensely.

So, first, let’s look at Freehold:

What is a Freehold?

A freehold means you buy not only the house but also the land it sits on. You own it and are responsible for the upkeep and in charge of all the decisions. If you want to extend, change, or renovate the property the only obstacle is the relevant planning and building permissions.

Share of Freehold

You might also come across a concept known as Share of Freehold which means you are a leaseholder that is a director of the Leasehold company. This is mostly the case when purchasing a flat, as you do not own the whole property, only a portion of it. You will then enter into a ‘Share of Freehold’ agreement with the other flat owners.

What are the Benefits of a Freehold?

When you own a Freehold, you own it outright. You have control over the property and land and don’t need to worry about your Leasehold tenancy ending.

Now let’s look at Leasehold:

What is a Leasehold?

As the name suggests, you own the property for a certain tenure of years, but you do not own the land itself. This means you have to pay a ground rent, which, in most cases, is a small amount, though it can be increased at any time. New legislation is in progress to reduce Leasehold ground rents though, and in the future this could either be zero or a very small, fixed-rate sum.

When the lease expires, the ownership of the property reverts to the freeholder. Leasehold agreements are commonly 99 years or 125 years, with some extending 500 or even 999 years.

If you like the look of a Leasehold property, it is important to know how long is left on the lease as this will affect you when it comes to securing a mortgage. Lenders generally won’t loan you money if there is less than fifty years left on the lease after the mortgage lending period, and so it is recommended not to buy a Leasehold property that has less than 80 years left. If the Leasehold you are looking at does have less than 80 years, you can see about options for renegotiating with the freehold owner to extend the Leasehold to its full amount or even longer.

What are the Benefits of a Leasehold?

You don’t have to repair the outside, right of way access, or maintenance of the property itself. You are only responsible for the interior of your property. During the Leasehold, you can sell on your home as usual.

What are the Downsides of a Leasehold?

You will need to adhere to the rules set out by your Freeholder, which includes ground rent and the service charge collected to handle the upkeep of the building and common areas.

When the Leasehold tenancy ends, your entire property reverts back to the freeholder, so even if you technically own the building during the Leasehold, you don’t once the tenancy ends. This makes it very difficult to sell on and recoup your investment cost once the tenancy nears 80 years or less, whereas with a freehold you can sell for market value or even rent the property out.

There is an increasing trend for Leasehold properties – particularly in shared ownership schemes, so it’s important to ensure you know whether the property you are interested in is freehold or leasehold before you buy!

If you are considering buying a property for sale marketed through Robert Ellis, our friendly, knowledgeable team can advise you!

Robert Ellis Team

About Robert Ellis

Robert Ellis is a leading estate agent that has been facilitating house sales and rentals for customers across Nottingham and the surrounding towns and villages for over 35 years. They have branches in Beeston, Long Eaton, Arnold and Stapleford offering residential and commercial sales and lettings, property management services and mortgage advice. With houses, flats and commercial premises to suit all tastes, budgets and preferences, the team at Robert Ellis provides a friendly and comprehensive service for buyers, sellers, landlords and tenants alike.

Their expertise in all areas of the property market is reflected in the positive reviews they have received from previous customers, with a rating of 4.9 out of 5 from over 2,500 reviews on Reviews.io. They are also multiple Gold-winning estate and lettings agents in the British Property Awards 2022-2023 and received a Gold Award for both sales and lettings in the Best Estate Agent Guide 2023.

To find out more about Robert Ellis estate and letting agents you can read our about us page here

Find Your Nearest Robert Ellis Branch

Our happy, experienced team can lighten your workload and brighten up your day

Arnold Sales & Lettings

78 Front Street,

Arnold,

Nottingham

NG5 7EJ

0115 6485 485 Find Out More

Beeston Estate Agents

12 High Road,

Beeston,

Nottingham

NG9 2JP

0115 922 0888 Find Out More

Beeston Lettings

130 High Road,

Beeston,

Nottingham

NG9 2LN

0115 922 9090 Find Out More

Long Eaton Estate Agents

5 Derby Road,

Long Eaton,

Nottingham

NG10 1LU

0115 946 1818 Find Out More

Long Eaton Lettings

11 Derby Road,

Long Eaton,

Nottingham

NG10 1LU

0115 946 6946 Find Out More

Stapleford Lettings

30 – 32 Derby Road,

Stapleford,

Nottingham

NG9 7AA

0115 949 6740 Find Out More

Stapleford Sales

30 – 32 Derby Road,

Stapleford,

Nottingham

NG9 7AA

0115 949 0044 Find Out More

The Mortgage Company

50 – 52 Market Place,

Long Eaton,

Nottingham

NG10 1LT

0115 951 8898 Find Out More

Arnold Sales & Lettings

Beeston Estate Agents

Beeston Lettings

Long Eaton Estate Agents

Long Eaton Lettings

Stapleford Lettings

Stapleford Sales

The Mortgage Company

Find Your Nearest Robert Ellis Branch

Our happy, experienced team can lighten your workload and brighten up your day

Arnold Sales & Lettings

Arnold Sales & Lettings

78 Front Street,

Arnold,

Nottingham

NG5 7EJ

0115 6485 485 Find Out More
Beeston Estate Agents

Beeston Estate Agents

12 High Road,

Beeston,

Nottingham

NG9 2JP

0115 922 0888 Find Out More
Beeston Lettings

Beeston Lettings

130 High Road,

Beeston,

Nottingham

NG9 2LN

0115 922 9090 Find Out More
Long Eaton Estate Agents

Long Eaton Estate Agents

5 Derby Road,

Long Eaton,

Nottingham

NG10 1LU

0115 946 1818 Find Out More
Long Eaton Lettings

Long Eaton Lettings

11 Derby Road,

Long Eaton,

Nottingham

NG10 1LU

0115 946 6946 Find Out More
Stapleford Lettings

Stapleford Lettings

30 – 32 Derby Road,

Stapleford,

Nottingham

NG9 7AA

0115 949 6740 Find Out More
Stapleford Sales

Stapleford Sales

30 – 32 Derby Road,

Stapleford,

Nottingham

NG9 7AA

0115 949 0044 Find Out More
The Mortgage Company

The Mortgage Company

50 – 52 Market Place,

Long Eaton,

Nottingham

NG10 1LT

0115 951 8898 Find Out More

-/5

Verified customer feedback

- rating based on

- reviews

Excellent

  • Alice

    The branch completed a challenging house move for us. There was a double transaction with us buyer the neighbours land at the same time as the house....Mark was very understanding and patient with the complications and we are very happy with the service we received. Thank you.

    2 days ago

  • Clint Elliott

    Friendly staff with a professional attitude, did very well at selling the property with minimal hassle in a currently turbulent market.

    1 week ago

  • Adam Watters

    Lorraine and the team was very helpful and informative, always keeping me upto date on purchase.

    1 week ago

  • Robert Day

    Would like to thank everyone who has helped me and Emma sell 30 Wood avenue, keeping me updated. THANK YOU 😊.

    1 week ago

  • David

    We have received excellent service from your Long Eaton Office especially from Caroline who has been extremely helpful & a calming & knowledgeable inf...luence especially with our purchase of a new build property. We have not dealt with your estate agency before & although very stressful at times for ourselves, as our first prospective purchaser pulled out, Caroline was very helpful & approachable & contacted us regularly to keep us updated on progress. I can't recommend her highly enough. Many thanks again Caroline Best regards Liz & David

    1 week ago

  • Adrian

    Even in a fairly difficult house sale , the staff at Robert Ellis were very knowledgeable and supportive . I'd also like to give a special thanks to J...oely who was particularly helpful in the whole process . Thanks to all the team , and I would certainly recommend Robert Ellis to anyone else . Thanks , Adrian Bowley

    1 week ago

  • Rachael

    Harry Hackett and Joely Golding at the Long Eaton branch were wonderful! They were so helpful and would come at the drop of a hat to let us into the p...roperty to view, measure up and get quotes ahead of the completion date. They even offered advice on options for inside the property, which we have taken on. Everything was super efficient and we would highly recommend them! 😊

    1 week ago

  • Yulan

    Caroline has been very helpful, always friendly during our process of selling our house.

    2 weeks ago

  • Pam

    Wonderful staff, especially Holly, nothing too much trouble. Kept informed of progress throughout the sale. Helped all the way.

    2 weeks ago

  • David Green

    Thank you to Holly Who was all ways able and willing to offer advise And always available . Dealt with my enquires straight away and always return...my calls. I Never felt that anything was to much trouble for her. Excellent service.

    2 weeks ago

  • Emma Thrall

    It hasn't been an easy journey but Holly Torr at long eaton has kept us up to date and sane throughout the process thanks Holly!

    2 weeks ago

  • Rae Murphy

    Absolutely recommend purchasing through Robert Ellis Stapleford - especially happy with Beth at the branch. She was amazing from start to finish!

    2 weeks ago

  • Sally-Ann Roberts

    Brilliant service, was notified every step of the sale and a really friendly team .

    2 weeks ago

  • Mark

    Dawn was wonderful, helping me to sell my home and find a new one that I had not considered. She kept me informaed throughout and was always available...to help. Thank you Dawn.

    2 weeks ago

  • Frankie

    I would like to thank Joely at the Long Eaton office for her kind help and quick responses throughout the home buying process. Highly recommended...for her service. Wish to give her a 10* rating if I could!

    3 weeks ago

  • Gayle

    What a long journey this house sale has been - lots of ups and downs (due to 2 failed sales - not due to Robert Ellis) ....so lots of stress. This jou...rney has defintely been made much more tolerable by the lovely relationship we have established with Joely and Holly. They have kept us well informed and always been available to update us with honest, reliable information. Joely, in the later stages of negotiations even responded, on what I know, were days off work. I have so appreciated being able to speak to the team when required.. always caring and respectful and had empathy and understanding. We have received and very professional but personal service I feel. Highly recommend.

    3 weeks ago

  • Lynne

    Excellent service, our sale went through smoothly and we were kept up to date on progress by Holly Torr at every stage. Very professional and will be...more than happy to recommend.

    3 weeks ago

  • Kathryn

    Joely was fantastic during our first house purchase. She was professional and worked hard to push things along, and was always lovely to interact with...if we had questions or wanted updates. I wouldn't hesitate to recommend Robert Ellis based on our experience with Joely!

    3 weeks ago

  • Sue

    Joely is absolutely amazing. She looked after us from start to finish with the sale of our property!

    3 weeks ago

  • Toni

    Dawn Stokes at Robert Ellis has done an amazing job in helping me to sell my family home - more like 10 stars not 5 :) so efficient and always on the...ball - Thanks Dawn xx

    3 weeks ago