Meaing of FreeHold
freehold land
freehold Primises
2 Replies
SHWETA GERA
(Financial Services)
(938 Points)
Replied 20 September 2010
Any interest in real property which is a life estate or of uncertain or undetermined duration (having no stated end), as distinguished from a leasehold which may have declining value toward the end of a long-term lease
SHWETA GERA
(Financial Services)
(938 Points)
Replied 20 September 2010
Freehold means you can enjoy ownership in perpetuity (for ever). In comparison to leasehold which usually allows you 99, 60, 30 years or less; after which the land owner (which could be the state govt or another enterprise) will take legal possession of it. Freehold is thus more preferable and fetches a higher price.
When you sell freehold land with a house, there are no state consents required when the sale is made. Leasehold property has certain restrictions as stated in the grant papers. These restrictions can vary as who can or cannot buy the property. Moreover, leasehold take longer to dispose because of the time it takes for the paperwork to be completed.
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