If your home is a flat or maisonette you will purchase a long lease. This will allow you and your successors to live in the property for a fixed number of years, usually 125 years. Because of the nature of the property there is an ongoing relationship with the Council as the freeholder of the building in which you live in. The lease defines the responsibilities of each party but in general terms the freeholder will be responsible for looking after the structure of the building, the common areas and the provision of services to the building and the insurance of the building. As a leaseholder you will be responsible for paying service charges, your share of these costs incurred by the freeholder.
Although the property is leasehold you can sell these rights, in much the same way as a freeholder./p>