Residential apartments in London City Island are held on leasehold tenure, typical across London’s flat market. This means homeowners own their individual unit for the duration of the lease—often 99 to 999 years—but not the land beneath it or the structure of the building.
As a leaseholder, you're granted the right to occupy and use the apartment per lease terms, but you remain bound by ground rent, service charges, and responsibilities for building maintenance (in collaboration with freeholders or managing agents).
Over time, leasehold leases can diminish in value as years lapse unless renewed—a factor financiers and homebuyers must monitor.
Though London City Island operates strictly on leasehold terms, some multi-unit developments offer Share of Freehold—meaning the leaseholders collectively own the freehold via a management company.
This grants greater control over building management, yet the property remains leasehold at its core.
Key takeaway: Leasehold ownership prevails, but collective ownership via managing entities exists in some schemes. City Island currently does not offer this shared freehold tenure.
The Leasehold and Freehold Reform Act 2024, now law, introduces transformative protections:
Abolishes marriage value charges when extending leases under 80 years.
Eliminates the leaseholder ownership duration requirement for lease extension (formerly two years).
Enhances transparency around service charges and enfranchisement.
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These changes make leasehold ownership simpler, fairer, and more valuable for long-term owners and investors.
| Ownership Type | What It Means at City Island |
|---|---|
| Leasehold | Standard for flats—time-limited ownership, with charges and restrictions outlined in the lease. |
| Share of Freehold | Not currently available at City Island—some developments elsewhere offer this shared ownership model. |
| Freehold | Rare for flats; applies only to houses—and not relevant to this development. |
| Legal Reform | Positive changes from 2024 ease lease extensions and safeguard owner rights for long leases. |
Thinking of buying or letting in London City Island? Let Fraser Bond help you navigate tenure complexities—from lease lengths to service charges and legal reforms. Discover bespoke support at FraserBond.com.
