Flats or Apartment

Flats or Apartment

A flat or an apartment is a self-contained housing unit that occupies only a part of a building. Such building is called an apartment building because it usually consists of several apartments for rent. The apartment is owned by the owner and may be rented out to tenants. In the UK, some flat owners have a share in the company that owns the freehold (ownership of land and the building). The freehold company has the legal capacity to charge the flat owners ground rent. The freeholder also has the right to develop or sell the building. A flat can be a studio unit, a one- bedroom, two-bedroom or three-bedroom unit.

The main disadvantage of renting out a flat is that the unit will never be yours. You do not have the right to make improvement to suit your needs unless you ask permission from the landlord. The one advantage of renting a flat is that you don't have sole responsibility on the property as you are only renting. In case you feel like changing locations, you can just finish your lease term and leave.

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