a home?
Is it better to go for for freehold property ...so once the property is paid for ...in a 100 yrs time the government can't do a compulsory purchase order on it? I just don't see thepoint of slogging my guts off for 30 yrs paying for a home...which I cannot know for sure .,..will still be in my familys line n 100 yrs time?If you had the choice between freehold or leasehold new home...which would you go for and why?
2007-01-14 08:15:26 · 5 answers · asked by Blue_Bell 1 in Society & Culture ➔ Other - Society & Culture
I think you have actually answered this question. I agree with you that I would definitely purchase a Freehold rather than a Leashold. I know that if you want to sell a leasehold property at a later date and it only has a short period to run a soliciter can extend the lease, but it's a lot of hassle and I wouldn't bother.
2007-01-14 08:23:03 · answer #1 · answered by Poppy 2 · 0⤊ 0⤋
Freehold is when you own the land the property stands on. Leasehold is when somebody else owns the land, so you have to pay a ground rent (could be approx £10 - £20 per year) to the owner. Although the property is still yours you may also find that you need to get the leasehold owner's permission to make alterations to the property/landscape. Often the leasehold is for 999 years, so won't be a major issue. Your solicitor will need to check this. There is fairly recent legislation that allows you to buy the leasehold from the leasehold owner (whether they want to sell or not), so check with your solicitor about this. Not sure how many years you have to live there before you can enact this right.
2016-03-28 21:33:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I agree with your other repondents. Always freehold. Too many loopholes with leasehold and the land lord can up the rent etc. at least you know where you are with freehold.
P.S. don't worry about how it'll be in the future you cannot guarantee anything anyhow!!
2007-01-14 08:25:51 · answer #3 · answered by Lola 1 · 0⤊ 0⤋
A free hold is just that you own it outright you can pass it on to your kids it can stay in the family for generation. A lease hold can be 10 years or anything up to 99years, then it go's back to the owner. Its like a rent but you can do anything to the property like build an extention to it. (Which would make the owner happy) If the property is rented you are not allowed to do any major work to it. Hope that explains it
2007-01-14 08:28:46 · answer #4 · answered by malc 2 · 0⤊ 0⤋
you are better of with freehold leasehold you never own it
2007-01-14 08:23:07 · answer #5 · answered by tacho 4 · 0⤊ 0⤋