if you buy a house in this counrty (England) ypur only basically renting it for 100 years? i mean in other countries if you buy a house its yours forever. So all that hard work you put in and debt you get into, its all for nothing.
2007-01-19 05:08:37 · 12 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
if you buy a house in this counrty (England) ypur only basically renting it for 100 years? i mean in other countries if you buy a house its yours forever. So all that hard work you put in and debt you get into, its all for nothing.
After the 100 years is goes back to the Government. Apparently when we buy a house we can't buy the land. So we will never be able to pass our homes down to our kids etc...
2007-01-19 05:21:29 · update #1
Sorry i repeated twice iv never edited a question before.
2007-01-19 05:30:16 · update #2
you live in England?!?!?! yeah that is stupid
2007-01-19 05:12:39 · answer #1 · answered by Anonymous · 2⤊ 0⤋
You do not have the facts correct.
If you buy a property freehold you own the land. If you buy a property on a leasehold someone other private party owns the land. In neither case does the government own the land.
There can be properties where the government is the owner of the land and they have sold a house, etc on a leasehold. In those cases the price reflects the value of the deal and the government's future interest is clearly declared in the deed or lease.
When buying you use a solicitor to check the documents. They are also there to explain the documents and inform you of your rights (the rights that you are buying and those that you have anyway). Hence there would be no surprise as to what you are paying for and what it means in the future.
When you buy freehold or when you buy leasehold you are the legal owner. You are not just renting. You have the rights and you have the responsibilities of an owner.
2007-01-20 07:38:50 · answer #2 · answered by Anonymous · 1⤊ 0⤋
I'm studying for my real estate license and I look up the answer in my text book. Land in Europe is held by royalty under the feudal system. Under a feudal system the King or government owns the land and individual are merely tenants which is considered a leasehold estate. Here in the U.S we have what they call a allodial system Or private ownership.
2007-01-24 21:17:38 · answer #3 · answered by swift 1 · 1⤊ 0⤋
That is because your beloved Queen or King owns the land. You aren't even citizens but subjects. We had a Revolution over stuff like that.
2007-01-19 14:10:46 · answer #4 · answered by Anonymous · 1⤊ 0⤋
The stupid part is the ones who buys. Sorry but I don't get it either. Isn't Canada the same way?
2007-01-19 13:17:10 · answer #5 · answered by Dancingsun 3 · 1⤊ 0⤋
In that case, I would never purchase a home there I would prefer to rent.
And, yes, I agree with you, it is stupid!!!
2007-01-19 13:19:38 · answer #6 · answered by Anonymous · 1⤊ 0⤋
I'm not sure I am following....
After 100 yrs, what happens? Wouldn't it be handed on to someone through your estate? who does it goto?
If you don't mind, please explain in "add details"
I'll check back.
2007-01-19 13:14:47 · answer #7 · answered by and,or,nand,nor 6 · 1⤊ 0⤋
Very stupid!
2007-01-19 13:16:30 · answer #8 · answered by Frank O. American 2 · 1⤊ 0⤋
yes I do think that is insane but I dont understand how it is possible I mean explain this why is the house not yours?
2007-01-19 13:12:51 · answer #9 · answered by cora7391 3 · 1⤊ 1⤋
Why are you posting this on the US site?
2007-01-19 13:16:49 · answer #10 · answered by abfabmom1 7 · 1⤊ 1⤋