sales summary

The sale statement provides some basic information about the property being sold such as the address, the title and the tenure

Title is whether details of the property are registered with the land registry. and the tenure is how the property is owned - freehold, leasehold or commonhold.
Tenure is the term used to indicate how the property is owned. Most of the documents that must be included in the Home Information Pack are applicable to all transactions, but some are needed only for leasehold and commonhold sales. For leasehold property a copy of the lease is required.

A Freehold property is one where the owner has full rights of ownership over the property and the land that it stands on.

A Leasehold property is one where the owner of the property only has rights for a certain period of time. The period and the rights are defined in the lease. The holder of the freehold whose name will be in the lease is the ultimate owner.

Commonhold is a type of tenure where part of the property is fully owned by an individual and part is shared between more than one person.
 

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