And does this system exist anywhere else other than the UK?
I am not a lawyer or an estate agent, but it seems to me that when you "buy" a house on leasehold, you're paying the same as for freehold (where you would get the deeds and become the legal owner), but instead you just get the right to live in the property for a certain period without actually owning it. Once the lease expires, your investment of tens (hundreds?) of thousands of pounds is worth nothing, while the real owner can make an obscene amount of money by "selling" the property again while holding onto the deeds.
I can see what's in it for the owners, but why would anyone "buy" a house that they'll never actually own?
If the UK government really believes that everyone should have the right to own their own home, isn't it about time they abolished this archaic and ridiculous practice?
2007-06-12 06:58:02 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes absolutely its totally unjustified, Its basically a remnant of the old days of landed gentry who exploited the poor. No decent democratic society should tolerate it
2007-06-12 07:07:07 · answer #1 · answered by ? 2 · 2⤊ 0⤋
Allows ownership of land to be seperated from building ... eg. flats & tower blocks.
Allows ownership of property to be isolated from potential liabilities eg. business premises
.... anyway, the law relating to Lease Renewals means that the 'owner' of the land CAN'T just reclaim the property ... they are forced to renew the lease ...
2007-06-13 03:37:28 · answer #2 · answered by Steve B 7 · 0⤊ 0⤋
I would like to know too
2007-06-14 04:12:18 · answer #3 · answered by amtusS 3 · 0⤊ 0⤋