Things You Should Know about Freehold and Leasehold
Published on Thursday, 30 September 2010
Do yourself a huge favor by understanding and learning more about freehold and leasehold. Both pertain to the property purchase contract. For the uninitiated, freehold is considered to be more direct than leasehold. On the contrary, freehold would define you as the owner of a specific property like a building, which includes the land area and boundaries where your property is located. This means you can do whatever you want with the property as long as it is considered lawful. Buying on the other hand tells a new story. If you are a freeholder, you gain the right to live in the property for a period of time but it still means the land doesn't belong to you. The lease period can last long but it doesn't mean you can own it. The landlord never loses the proprietorship and the ownership of the property. And of the things that the landlord does to prove of its ownership would be to pay annual service charge of the property. It is quite a different story when the property is put on a mortgage. The right conveyancing solicitor will be very useful in discussing the terms and the conditions surrounding the transaction.
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