What is freehold property?Freehold property, as the name suggests, is a property which is legally free from anyone’s hold besides the owner. Any freehold property is usually bought via an auction or a lottery. The property can be used for any purposes within the rules and regulations laid down by the municipal bodies and governing authorities. A freehold property is easier to buy because of lesser paperwork than a leasehold property. However, a freehold property is priced at a higher side than leasehold property.What are the advantages of freehold property?There are many advantages of a freehold property such as:
The owner of a freehold property does not have to pay annual ground rent
The owner of a freehold property has complete ownership of the property
The buyer of a freehold property has complete charge over property rights and maintenance
The value of a freehold property usually increases in the long run
It can be inherited by upcoming generations
Banks generally approve home loans on a freehold property easily and quickly than a leasehold property
The owner of the freehold property owns the land on which the property is built
How to convert a leasehold property into a freehold property?You can convert a leasehold property into a freehold property by paying conversion charges to the relevant authorities and by acquiring a clear sale deed, general power of attorney, and No-objection certificate (if applicable).Note: The government can take the freehold land for the purposes of industrialisation, development of infrastructure facilities or urbanisation of the private land, after compensating the affected land owners suitably under Land Acquisition Law.I hope you have a clear idea of what is freehold property and what are the advantages of owning a freehold property.
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What is Freehold Property?
Md. Taufiq
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April 15, 2021
2021-04-15T18:41:19+00:00 2021-04-15T18:45:18+00:00Comment
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