Which catagory do you fit into??

 

Freehold

Freehold gives the purchaser complete ownership of the land and all the buildings on it. A freehold gives the buyer the right to do as they like with their home, subject to the law and planning controls.

Any property that is freehold - or in the case of a flat has a share of the freehold - is likely to be more valuable.

 

Leasehold

A leasehold property is leased from the freeholder for a specified period of time. The lease usually includes a range of terms and conditions, specifying the leaseholder's responsibilities to the property and the freeholder.

Leases can be long or short term - a long-term lease, for example 999 years, is likely to be in demand from someone looking to buy a home. A short-term lease, say, for a few years, means the property is effectively being rented.

It is sometimes possible to extend the length of a lease or buy a share of the freehold - a process known as enfranchisement.

The advantages of freehold property is fully reflected in the higher price compared to a 99-lease property.  Besides these 2 usual classes property, you will see 999 year lease properties which are priced somewhere in between.

Actually there is not much difference between the two but I would prefer leasehold as I can obtain it at much lower price.The conditions when checked in detail are not very complicated for leasehold property.The lease tenure is definitely important.

We are currently looking to be freehold. I don't think we would even consider leasehold simply too much involved with that. I'd like to modify my home as desired and do as I desire in my home!

cassiem0221 wrote: We are currently looking to be freehold. I don't think we would even consider leasehold simply too much involved with that. I'd like to modify my home as desired and do as I desire in my home!

 

 

I agree there Cassie, to me the concept of leasehold seem just like a longterm rent. Ok you get security that you can stay, but any structural changes you might want to make are a no-no right?

If you can afford it, go for freehold with no strings attached to future ownership - you may wish to pass on to your love ones beyond one or two generations.

If current financial situation does not permit, then leasehold is the only option - go for properties that have at least 60 years to go.

Free hold is always better because it gives you full control on the property you have.

Ruthrbns
Loss Mitigation Consultants Wanted Nationwide
Get Career Training in Loss Mitigation / Foreclosure Prevention
Earn $500-$2000 per client while saving their homes from foreclosure
Get Free Info Here-http://www.mhvfreedomforeclosure.com