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What does freehold mean?

What does freehold mean on a house?

Asked on Mar 7 2010, Home Finance in Rochester | Report content

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  • Freehold means you own the land the property is built on, Leasehold you effectively rent the land for a set period, usually 99 or 125 years from build. Notwithstanding the owner of the freehold (the land) must extend the lease for a reasonable sum on expiry due to a change in law. Leasehold originates from people were too poor to actually buy the land and typically is associated with flats with the occasional house in large town and cities.

    Answered on Mar 8 2010, Report content
  • The legal definition if it helps is you own outright the land below your property and the space above it. Leashold is as Marks reply to you. It is better to own the Freehold in most peoples eyes but if the leases is a long one say 80 years plus then very little difference from an owners perspective.

    Answered on Mar 8 2010, Report content

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