A recent study analyzed Google search volumes for 39 common housing terms in the UK, revealing leasehold as the most confusing term with 160,200 yearly searches. Leasehold properties allow ownership of a home for a set duration while the land remains under the freeholder. It is critical for buyers to understand these terms to avoid unexpected costs. Freehold ranks second with 114,000 searches, indicating outright ownership of property and land. Mortgage in principle comes third, representing lenders' preliminary terms based on financial details, but is not a binding offer.
The term leasehold is the single most confusing housing term in the UK, attracting an average of 160,200 Google searches every year.
Leasehold means you own your home for a fixed number of years, but you don't own the land it stands on.
Freehold is defined as owning both your property and the land it is built on outright, with fewer ongoing fees.
Mortgage in principle, also known as an agreement or decision in principle, indicates how much a lender might be willing to lend.
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