freehold vs. leasehold
English translation: holding in absolute ownership vs. holding by means of a lease
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| 12:21 Jan 19, 2005 |
| English language (monolingual) [PRO] Law/Patents - Law: Contract(s) | |||||||
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|  Selected response from: Pnina Israel Local time: 20:01 | ||||||
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Answers
8 mins confidence: 
peer agreement (net): +1
peer agreement (net): +1freehold - you own the property on the land Explanation: i.e. the land is freehold leasehold - someone else owns the property on which you have built your house, and you pay a fee annually which may be as little as 1 Pds., at least that's the case in Ireland -------------------------------------------------- Note added at 9 mins (2005-01-19 12:30:09 GMT) -------------------------------------------------- or the land |
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10 mins confidence: peer agreement (net): +1
peer agreement (net): +1freehold=ownership, leasehold=renting for (usually) a fixed term Explanation: I understand from legal friends that you don't actually own real estate, but "an estate in fee simple" in it, and this is what's generally called freehold. Leasehold simply means you have a lease. Some leases are for long terms at very low rent, and so they're almost like owning the place. (I had a 99-year lease once for a rent of "five cents per annum if and when demanded".) |
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12 mins confidence: peer agreement (net): +1
peer agreement (net): +1holding in absolute ownership vs. holding by means of a lease Explanation: Freehold means absolute ownership of property. Leasehold means ownership of property for a fixed number of years granted by a lease which sets out the obligations of the lessee. Reference: The book "Which? Way to Buy, Sell and Move House ("Which?" is the magazine of the British consumers' Association -------------------------------------------------- Note added at 22 mins (2005-01-19 12:43:59 GMT) -------------------------------------------------- Lease is a contract by which the owner of land or a building allows another person (the lessee) to use it for a specified time, usually in return for payment. |
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3 hrs confidence:
permanent ownership and renting - more Explanation: Basically everybody's answer is correct who wrote before me, and to begin with, I am repeating it; Freehold: the permanent ownership of land or buildings, which can be legally passed on to heirs and the usual ownership of houses, also known as property that is held in "free and simple". Leasehold: right to occupy land or property for a specific period, basically renting it. (It can be even for 999 years! Very long leases are often paid by "peppercorn rent", next to nothing, as a symbol of rent to the owner, but than the propery is basically bought and sold for the same price as it was freehold.) BUT: a flat can have a freehold on the land on which it is built. Alternatively, the freehold interest of a block of flats can be owned by one or more leaseholders, and the share of the freehold is sold with the flat, but at the same time the flat is on a lease. In other words, whoever wants to buy property, to be on the safe side, needs a lawyer to sort out the legal side, and explain the various possibilities, rights, advantages and disadvantages of owning and leasing. |
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40 mins confidence: peer agreement (net): +1
peer agreement (net): +1Freehold - permanent ownership; leasehold - ownership for a fixed term of years Explanation: Freehold The nearest equivalent to absolute and permanent ownership. The Crown is the only absolute owner of land in England and Wales. Leasehold Ownership for a fixed term of years. This can arise from a grant of a lease from a freehold or from an existing leasehold for a shorter period than that lease. Source: Land Registry Online (http://www.landregisteronline.gov.uk/glossary.htm) [Land Registry: Land Registry is a Government Department and has been established as an Executive Agency and Trading Fund responsible to the Secretary of State for Constitutional Affairs and the Lord Chancellor that keeps and maintains the Land Register of England and Wales. On behalf of the Crown, Land Registry guarantees title to registered estates and interests in land. Established in 1862, it is required by statute to be self-financing and makes no call on public funds.] Freehold estate in land: the Crown is the only absolute owner of land in England and Wales: all others hold an estate (i.e. an interest) in land. Freehold is the estate which is the nearest equivalent to absolute (and permanent) ownership. Leasehold estate in land: a leasehold estate arises from the grant of lease for a term of years by the owner of a freehold estate or a leasehold estate for a longer period. Source: Land Registration Act 2002 (http://www.hmso.gov.uk/acts/en2002/02en09-h.htm) -------------------------------------------------- Note added at 43 mins (2005-01-19 13:04:40 GMT) -------------------------------------------------- Freehold is de facto \"absolute ownership\" but de jure it is not... cf: \"Freehold: Means the absolute ownership of property or land, although technically all land is held from the Crown.\" (http://www.keymoves.co.uk/htm-pages/useterms.htm) -------------------------------------------------- Note added at 47 mins (2005-01-19 13:08:41 GMT) -------------------------------------------------- For a historical background to land law: see http://www.kevinboone.com/land_history.html -------------------------------------------------- Note added at 3 hrs 36 mins (2005-01-19 15:57:32 GMT) -------------------------------------------------- As a footnote, there is a thing called \"commonhold\" too. For details see: Commonhold and Leasehold Reform Act 2002 http://www.hmso.gov.uk/acts/acts2002/20020015.htm The Commonhold Regulations 2004 http://www.hmso.gov.uk/si/si2004/20041829.htm -------------------------------------------------- Note added at 3 hrs 38 mins (2005-01-19 15:59:13 GMT) -------------------------------------------------- PS on \"commonhold\" \"Commonhold is an alternative to the conventional method of owing flats and other interdependent properties under a lease. It is not a new estate in land but a new form of freehold ownership.\" (http://www.landregistry.gov.uk/legislation/commonhold/) -------------------------------------------------- Note added at 11 hrs 5 mins (2005-01-19 23:26:58 GMT) -------------------------------------------------- PPS Scotland has a different legal system: The equivalent of freehold in Scots Law is \"feuhold\". |
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