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<br>If you own the freehold of your home, it implies that you own the structure and the land it sits on. If your residential or commercial property is leasehold, you own the residential or commercial property however not the structure or land and need to pay ground rent to the freeholder.<br> |
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<br>Freehold vs leasehold: the key differences<br> |
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<br>Do you comprehend what is indicated by a freehold or leasehold residential or commercial property? Experienced estate representative, Ian Harris helps explain the key differences.<br> |
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<br>Subscribe to our video channel<br> |
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<br>Make certain you keep up to date with our video content as it's released. By subscribing you will be alerted as quickly as brand-new videos are launched.<br> |
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<br>What does [leasehold](https://www.rumahq.id) suggest?<br> |
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<br>You are buying a lease from the freeholder for the right to reside in the residential or commercial property for a set number of years. You will not technically own the residential or commercial property outright, the freeholder (or property owner) will [continue](https://betnet.et) to own the residential or commercial property and the ground it rests on. Leasehold is commonplace when purchasing a flat or house as it sits within a larger building.<br> |
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<br>The of leasehold houses has actually nevertheless grown in the last few years, specifically with new builds that are offered directly through the developer.<br> |
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<br>Recent modifications to the law<br> |
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<br>The Leasehold and Freehold Act 2024 is now law, but individual parts of the Act are being implemented one at a time so not everything has actually been done yet. You can see the progress of the changes here. Eventually there will be a restriction on the sale of brand-new leasehold flats, making Commonhold the brand-new default period instead, where each unit-holder owns the freehold of their home.<br> |
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<br>Learn more about what's altering for leasehold<br> |
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<br>Main things to know that have actually been [executed](https://magnoliasresidence.com) up until now are:<br> |
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<br>- If you own a flat, you can now extend your lease without waiting 2 years initially (as of January 2025). |
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- This means that more leaseholders in mixed-use structures can get the right to handle |
