Leasehold ownership lasts for the period specified in a lease. GOV.UK explains that the lease is the legal agreement setting out that period. The label on an advert is only the starting point for understanding what a buyer would acquire.
Ask about the remaining term
Obtain the actual lease and ask your conveyancer to explain the remaining years and any variations. Do not assume that a possible future extension has already been agreed or that a proposed reform applies to your transaction.
Understand the commitments
Review the service-charge arrangements, any ground rent and other charges with your adviser. Ask for the relevant accounts, budget and information about planned works. The lease determines the charging arrangements; last year's bill should not be treated as a guarantee of future costs.
Check the intended use
Explain your plans, including letting, alterations or running a business, so that the relevant restrictions and consent requirements can be investigated. Record the answer to each question before relying on a marketing description.
Review the whole purchase
Ask the lender and legal adviser about any issues that could affect financing or a later sale. Keep unresolved enquiries visible rather than treating the absence of an objection as approval. Leasehold arrangements and reform are complex; obtain advice on the actual property rather than relying on a universal checklist or an assumed extension price.
Editorial review: 14 October 2026. This original Property Perpetuity guide replaces the imported text; the original archive publication date is retained.