Author: numan
Is My Property Leasehold or Freehold?
Leasehold ownership simple refers to a lengthy tenancy (the right to own, occupy and use the property for a prolonged period.) This is known as the terms of the lease. Terms can range from a few years to 999 and within that period units (for instance, apartments within a building) can be bought and sold.
Freehold ownership means that the property owner has unequivocal ownership of the land and all the buildings on it. Freehold property owners are subject to fewer development restrictions, providing that they comply with planning guidelines and restrictions.
Is It Freehold or Leasehold?
Freehold properties are defined as any estate that is ‘free from hold’ of any entity besides the owner. Freehold estates enjoy free ownership for perpetuity and are able to use the land for any purposes (provided that the purpose complies with regulations.) Also, freehold properties are not fixed-term and they are therefore more favourable to buyers.
A leasehold estate is ownership of a temporary right to hold land or property in which a lessee or tenant holds the rights of ‘real property’ with a title from the landlord or ‘lessor.’ Leases can run for short or longer period of time, for example 99 or 999 years.
How Much Do I Have to Pay Upfront?
To engage the Versus Law’s conveyancing services, you online need to pay a small percentage upfront. Buyers will need to make a payment of £300. Vendors need only make a payment of £100 upfront.
How Long Does It Take?
In most cases, the conveyancing process takes between 6-12 weeks. However, this timespan does vary from situation to situation. Property sales that involve large, complex chains may take longer than 12 weeks. Conversely, a short or no-chain sale can be completed in a matter of weeks.