If you buy a flat or apartment, chances are this will be leasehold. The lease governs the rights and liabilities between you (the lease holder) and the landlord of the building (the freeholder). It covers matters such as ground rent, repairs and service charges. Be aware of two main issues. First, how long is the existing lease? If the term drops below 80 years many legal issues apply such as costly extensions, solicitors fees and the property value can drop dramatically. Secondly, service charges and building maintenance that you will be legally bound to pay for can be expensive.