What is a freehold property?
Asked on Apr 29 2015,
General in Kinross |
So what is freehold? Simply, a freehold ownership means that you own the building and the land that it is on.
Freehold owners do not have time constraints to limit their period of stay (as happens with a lease) because the property is theirs for an unlimited amount of time.
As a freehold owner it is your name that is lodged at the Land Registry as “freeholder”, with the title as “absolute”.
This is generally the preferred option for purchasing a house or bungalow as there are not risks, rental payments, or maintenance costs involved with the ownership.
Some perks include;
- No ground rent to pay
- Freehold properties do not have landlord rules to follow
- No maintenance costs – responsibility to maintain the property is in your hands
Hope that helps.
Good luck :-)
Web reference: http://https://housebuyfast.co.uk/blog/what-is-the-differ...
Answered on May 11 2015,
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