Leasehold
When you buy a leasehold property, essentially you are buying nothing more than the right to possess a property without ownership for a specified period of time under the terms of a “lease”.
You will have to pay ground rent and maintenance in addition to a one-off payment that buys ownership of the lease until sold or it runs out. The amount of alterations you can make to the property varies accordance with the lease and you may well have other conditions imposed upon you by the landlord.
Click for more mortgage glossary terms relating to remortgaging.