When leasehold ownership becomes unreliable

IMAGINE buying a house 30 years ago, paying off the loan and living in it for decades. The house is still yours. Your name is still on the title. But it is a leasehold property, and as the lease gets shorter, selling it may become harder. Banks are more cautious about financing it, and passing it on to your children is less straightforward than you expected.

Extending the lease may require a sizeable payment. At some point, a simple question arises: What does it really mean to own the property?