Every residential apartment within London City Island is held under leasehold tenure, where you acquire usage rights for a set term—typically between 99 to 999 years—rather than absolute ownership of the land or building.
Lease Length Matters: As the lease term diminishes (especially below 80 years), the property value may fall and lease extension becomes costly and more complex.
Ongoing Costs: Owners are typically liable for ground rent, service charges, and maintenance contributions, payable to the freeholder or managing body.
Though London City Island doesn't offer this, some developments allow owners to hold a share of the freehold—jointly owning the freehold via a management company. This provides more control over management, but a lease remains in place.
Passed in 2024, the Leasehold and Freehold Reform Act brings positive tenant rights enhancements:
Eliminates “marriage value” in lease extensions under 80 years.
Removes the two-year ownership stipulation for eligibility to extend leases.
Grants improved transparency and easier enfranchisement for leaseholders.
Leasehold ownership can still pose challenges:
Known pitfalls include excessive service charges, cladding-related safety issues, or “fleecehold” lease terms that can trap owners in spiralling fees.
Due diligence is essential—review lease length, ground rent structure, managing agents, and service charge history, and engage a trusted solicitor.
| Ownership Aspect | What It Means at London City Island |
|---|---|
| Leasehold Ownership | Standard for flats—limited term, recurring costs, maintenance obligations |
| Share of Freehold | Not available at this development—some buildings offer it elsewhere |
| Leasehold Reform 2024 | Eased lease extensions and improved owner rights |
| Key Buyer Considerations | Lease term, charges, management quality, safety, legal advice |
Considering buying—or renting out—a flat in London City Island? Let Fraser Bond help you navigate lease terms, reform opportunities, and value strategy. Discover personalised ownership insights now at FraserBond.com.
