If you are buying a land property, you need to know if it is a freehold or leasehold. A freehold would mean you have the right to do whatever you may want in the property and to its boundaries. It is considered yours. Leasehold, on the other hand, only involves your right to live in the property, but someone else still owns the land. You have limited rights on what to do with the property. The leasehold usually presents a leasing right up to a maximum of hundred years, but will be reverting back to the land owner after the lease expires.
Leasehold usually holds an additional annual service charge that the landlord could impose in the contract. The additional charge is for the maintenance fee of the property, which includes the building.
If you do not have much experience with leasehold, it is better to hire a conveyance solicitor. He will be able to determine what needs to be checked in your contract and what other demands you need to include in it. However, you also need to make sure that your conveyance solicitor is an expert in this field. Expert solicitors in the leasehold and freehold field usually have keen eyes on what to check in the contract. They are worth hiring in order to prevent any problems in the future with your leasehold or freehold.


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