Leasehold property is created from a Freehold Title – the lease is a long tenancy, typically lasting between 99 and 999 years, given for a low rent. This is a contract between the landlord and purchaser (the leaseholder) which will generally contain conditions of use and ownership.
If the terms of the lease are considered impractical or unfair by the leaseholder, they may be held to be defective. Examples might include:
- Type of title
- No right of access
- No right for services
- Provisions to repair or maintain the property
- Provisions for the recovery of money spent to benefit another property