If you are new to real
estate, there might be a lot of terms that you need to be familiar with. One
such term would be “freehold”. Freehold property means that the owner in addition
to the rights on the building or home has rights to the land its build on too.
Need to Go in for Freehold
Many people often get
confused whether to buy freehold or not. The answer to this might vary based on
your situation and budget. The demand for freehold is high, so you might come
across many people trying to sell you at a high market price. In order to not
get duped, you need to do your homework.
If you plan on buying freehold of
flat in London, then there is a legal process that can help to acquire
the same at fair market prices. This process is called as collective
enfranchisement. You might come across many credible collective enfranchisement
companies that can help you file for such cases.
Benefits
of Freehold
Some of the benefits of buying freehold include:
- You have complete ownership of the property and the land
- You only need to pay for the legal fees
- You can extend the lease for indefinite years
- You need not have to pay any ground rent
- It is a long-time investment
Conclusion
When it comes to real estate, it is always better to
ask the experts. They might be able give you a rough estimate on the exact
value of your property and the land when you opt for freehold.
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