What is Freehold Ownership?
Freehold is a type of property ownership where the owner has complete and absolute ownership of the property, including the land it sits on, for an indefinite period. This means that the owner has the right to use, sell, or dispose of the property as they see fit, without any restrictions or limitations.
In contrast to leasehold properties, where the owner only has a limited right to use the property for a set period of time, freehold properties offer greater flexibility and security of tenure. Freehold ownership is typically associated with more valuable and desirable properties, such as houses and apartments in urban areas.
Freehold properties can be further divided into two categories:
1. Fee simple: This is the most common type of freehold ownership, where the owner has complete and absolute ownership of the property, including the land it sits on, for an indefinite period.
2. Leasehold flat: This is a type of freehold ownership where the owner has a long lease (usually 999 years or more) to use the property, but not the land it sits on. The land is still owned by the freeholder, who may charge ground rent and other fees to the leaseholder.
Overall, freehold ownership offers greater control and flexibility over a property, making it a more desirable option for many homeowners and investors.
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