Before long, there will be more people living in flats or apartments than houses. All over the world, more apartment blocks than separate houses are being built, even in countries which still have plenty of building land left.

This means that in future, large numbers of people are going to have to take on board a completely different way of living and relating to neighbours.

When you live in a flat, you may have people above and below you as well as next door and along the corridor. With flats, everybody is interconnected in a way that does not happen with even the most closely-packed terraced houses, and because of this there have to be strict rules to ensure that all residents behave in a responsible and community-minded fashion.

Not only that, but buying a flat is a completely different process from buying a house.

When you buy a house, you purchase the freehold and that is that. To all intents and purposes, you own the land on which your house stands until the end of time, or until you come to sell. This applies even with terraced or semi-detached houses.

Flats, though, are usually sold leasehold, which means in effect that you buy a length of tenure, rather than the actual property.

Your flat may be sold with a specific length of lease remaining. Or, it may be sold with a share of the freehold. Or, it may be sold ‘commonhold’. There may be several layers of ownership, such as ‘head leaseholder’ or ‘under-leaseholder’. There may be managing agents, residents’ committees and a Board of Directors, none of which apply when you buy a house.

Then, when you buy a flat, shelling out money does not end with the purchase. You have to continue to pay monthly service charges, to ensure the building remains in good repair. And you must legally abide by the terms of the lease you have signed before completion.

What does it all mean? What are your rights, and what are your responsibilities when you buy a flat? This book explains all, and tells how to get the very best out of this modern and increasingly common way of living.

Flats can be safer, warmer, cleaner, easier and cheaper to run and also friendlier than houses. They are ideal for single people, young couples, busy workers, older people downsizing or, in fact, anybody who does not want the fuss and bother of looking after an entire house. Apartments are often in vastly better and more central locations than houses, and there is a huge choice of styles available.

The vast majority of property investors buy flats, rather than houses, to let out. But before buying a flat, either to live in yourself, or rent out, you need to know exactly what you are letting yourself in for.