What is a freehold land title?
Freehold ownership means that you own the land and house outright, with no space co-owned or co-managed with owners of adjacent homes. You are also solely responsible for the maintenance and upkeep of your property, and the property taxes associated with it.
How long does a freehold last?
Leasehold means that you just have a lease from the freeholder (sometimes called the landlord) to use the home for a number of years. The leases are usually long term – often 90 years or 120 years and as high as 999 years – but can be short, such as 40 years.
How can I find out who used to live in my house?
Look up old census records Start by researching old census records. You should able to discover the names of family members who lived in the home, as well as their ages, birth states, year of immigration, marriage status, occupations, personal belongings and other interesting information.
What is rent charge on freehold property?
A rentcharge is an annual sum paid by a freehold homeowner to a third party (“Rent Owner“) who normally has no other interest in the property (“Charged Land”). A freehold development will usually have communal areas (such as a playground, private roads and a car park) which may be managed by a management company.
Can a property be both freehold and leasehold?
“Leasehold” is a land interest carved out of a freehold. The leasehold interest can (usually) be sold. If the person who owns the freehold also ends up owning the leasehold, the distinction between the two is irrelevant, so the Land Registry will merge the two interests, and you’ll end up with just the freehold.
How do I change my leasehold property to freehold?
Leaseholders who own a house can buy the freehold of their house either under the law if they meet certain criteria (formal route), or by asking the freeholder to see whether they are willing to sell the freehold informally (informal route).
What is the difference between leasehold and freehold property?
Freehold: Someone who owns the freehold of a property owns the property and the land it stands on, for an unlimited period. Leasehold: Unlike a freeholder, as a leaseholder you own the property BUT NOT the land on which it is built – that is owned by the freeholder.
Does a freehold property have a lease?
Buy the freehold and you can usually extend the lease to 999 years for free. The only outlay would be legal fees. Flat-owners with a share of the freehold own the freehold jointly with a building’s other freeholders. Flat-owners with a share of freehold still have a lease.
How many years should you have on a lease?
Typically, leases are between 99 and 125 years, though some extend to 999 years and some can be as short as 40 years.
Is India on lease for 99 years?
It India is not a secular, democratic, republic for a period of 99 years from British. It is the maximum period for which you can take land on the lease in Indian states.