freehold
Moderators: PoshinDevon, Soner, Dragon
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the butlers wife
- Kibkommer
- Posts: 396
- Joined: Thu 12 Apr 2012 12:39 pm
Re: freehold
Hi,
I would think it means that the land the property stands on belongs to the property and the deeds will show this.
Leasehold means someone else owns the land the property stands on and either ground rent is payable to the owner of the land
or a monthly fee is payable for services to the building.
In my opinion if all properties in the TRNC were leasehold, then there wouldn't be all the problems there are getting title deeds.
The butlers wife
I would think it means that the land the property stands on belongs to the property and the deeds will show this.
Leasehold means someone else owns the land the property stands on and either ground rent is payable to the owner of the land
or a monthly fee is payable for services to the building.
In my opinion if all properties in the TRNC were leasehold, then there wouldn't be all the problems there are getting title deeds.
The butlers wife
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namps
- Kibkommer
- Posts: 343
- Joined: Mon 21 May 2012 8:35 am
Re: freehold
yes thats as we understand it but I know there are big problems with this land, its exchange, building problems and at the very best a share has been "produced".So how can it be advertised as freehold
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Keithcaley
- Verified Member
- Posts: 8359
- Joined: Sat 21 Apr 2012 6:00 pm
Re: freehold
namps,
As I understand it, (and nothing that TBW has said contradicts this) the term 'Freehold' has got absolutely nothing to do with any of the other factors that you mention.
The opposite of Freehold is Leasehold, which as TBW points out, would mean paying Ground Rent on top of all your other woes...
As I understand it, (and nothing that TBW has said contradicts this) the term 'Freehold' has got absolutely nothing to do with any of the other factors that you mention.
The opposite of Freehold is Leasehold, which as TBW points out, would mean paying Ground Rent on top of all your other woes...
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Ragged Robin
- Kibkommer
- Posts: 2038
- Joined: Mon 26 May 2014 5:15 pm
Re: freehold
As I understand it ,it is the same as UK.
By the nature of the beast freehold properties are usually individual houses sometimes including a surrounding area of land for garden , garage etc.
Blocks of flats and maisonettes are usually leasehold because you cant own the land directly beneath you if you are on the second floor! Or a number of properties sharing common facilities such as gardens or swimming pools. Leaseholders have to pay ground rent to the owner of the land, and maintenance charges to a managing agent (who can but need not be the ground landlord) or to a residents committee for maintenance and insurance of common area, such as staircases and the roof, and grounds if applicable. This in my experience in the UK can cause a lot of problems. Leases usually have a fixed period of years - so if you are planning on living a long time or want to to pass the property on to children you need to take the length of the lease into account, or you may get a nasty shock when it comes up for renewal!
Freehold properties tend to be more expensive to buy because you are buying land as well as the building and you need to budget time and effort as well as money, for sole responsibility for insurance, repairs and maintenance of everything, including roofs, foundations, drainage etc.
In the TRNC there is also the question of the original owner of the land, but that is a separate issue.
I didnt think there were many freehold properties available for sale in the TRNC, particularly new ones, as developers are probably looking at long term investment in the value of the land as well as short term profit from the lease?
By the nature of the beast freehold properties are usually individual houses sometimes including a surrounding area of land for garden , garage etc.
Blocks of flats and maisonettes are usually leasehold because you cant own the land directly beneath you if you are on the second floor! Or a number of properties sharing common facilities such as gardens or swimming pools. Leaseholders have to pay ground rent to the owner of the land, and maintenance charges to a managing agent (who can but need not be the ground landlord) or to a residents committee for maintenance and insurance of common area, such as staircases and the roof, and grounds if applicable. This in my experience in the UK can cause a lot of problems. Leases usually have a fixed period of years - so if you are planning on living a long time or want to to pass the property on to children you need to take the length of the lease into account, or you may get a nasty shock when it comes up for renewal!
Freehold properties tend to be more expensive to buy because you are buying land as well as the building and you need to budget time and effort as well as money, for sole responsibility for insurance, repairs and maintenance of everything, including roofs, foundations, drainage etc.
In the TRNC there is also the question of the original owner of the land, but that is a separate issue.
I didnt think there were many freehold properties available for sale in the TRNC, particularly new ones, as developers are probably looking at long term investment in the value of the land as well as short term profit from the lease?
