Is freehold better than leasehold?

1. Is freehold better than leasehold? Freehold is much better than leasehold. Freehold Property: Freehold property can be defined as any estate which is "free from hold" of any entity besides the owner. Hence, the owner of such an estate enjoys free ownership for perpetuity and can use the land for any purposes however in accordance with the local regulations. What is the advantage of freehold over leasehold? The advantage of a freehold property is that you have complete control over it, and are not subject to any further payments, like ground rents, service charges or admin fees, which can be the case with leasehold properties. Leasehold Property: In case you have purchased a ​leasehold property​, then you have the right to live in a property for a stipulated period of time. Here the buyer is not the owner of the property or the land it is situated upon. In case of a leasehold property, you will have to pay ground rent to the owner or the leaseholder. Advantages of leasehold property? It is typically less expensive. In some cases, less responsibility for repairs and maintenance. There is still the possibility of buying the property outright, through enfranchisement, or share of the freehold. What is the difference between freehold and leasehold property? Leasehold: Method of owning property (usually a flat) for a fixed term but not the land on which it stands. Freehold: Outright ownership of the property and land on which it stands. A freehold estate in land (as opposed to a leasehold) is where the owner of the land has no time limit to his period of ownership. You would like to discuss how we could help you meet your legal obligations, or you need urgent advice regarding legal action, get in touch today for a confidential chat with an expert on: ​https://www.leaseholdvaluations.com/contact-us/ or call on: 01753 542984 or ​Email us on:​​enquiries@homereports.ltd.uk