People often come across the term “Freehold ownership” when they are looking to buy a property. I will explain this term to you. Let’s split it! i.e. free-hold. This means that the property you are looking to purchase is free from the hold of any entity, besides the owner. So, the owner has the entire ownership and can renovate, transfer, or sell the land, with the local regulations in mind.
Plus, if you plan to sell a freehold property, then you won’t need any government or legal consent, and, thus, requires less paperwork. This is why freehold properties are usually expensive.
Features of Freehold OwnershipThe freehold property owner has complete ownership and a clear title of the building along with the land on which the building is built.
The owner can lease his freehold property.
The heirs of the owner can easily inherit the freehold property.
The owner of the freehold property can donate, gift, or transfer the property.
The owner can sell a freehold property, without needing any consent of the state or others.
The owner can modify the building with the necessary municipal permissions.
The ownership of freehold property is forever.
There isn’t any encumbrance to the title of the property.
I hope now you know what is freehold property ownership clearly.
Read more:
What is the difference between leasehold and freehold property?
How to convert leasehold property to freehold?
What is freehold Property?
I hope you like my answer on freehold ownership.
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what is freehold ownership?
Dharam
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2 Year
2021-11-10T17:15:23+00:00 2021-11-10T17:51:32+00:00Comment
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