Leasehold agreement of 1000 years

Kaldo

Hi,

We've just bought a property with a leasehold agreement of 1000 years. The solicitor states that it's a standard here in Ireland.

What does it really mean? It means that the property is "not" ours?

Thanks
Kaldo

sydthebeat

https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/leasehold-v-freehold-whats-the-difference/

caff

Kaldo wrote: »

Hi,

We've just bought a property with a leasehold agreement of 1000 years. The solicitor states that it's a standard here in Ireland.

What does it really mean? It means that the property is "not" ours?

Thanks
Kaldo

Solicitor should be able to go through how to purchase the freehold if its a house.
If it's an apartment leasehold is normal as there are shared areas.
If it's a former council house it's quite easy to sort it from dcc http://www.dublincity.ie/housing-and-community-i-own-my-home-section/buying-domestic-ground-rent-freehold