The land on which a property stands is not owned by you, but by a landlord, with an agreement for you to use this land for an agreed period. Leases are commonly 100 years and most leasehold properties are flats and maisonettes.
A tenure by a lease; an agreement that the tenant may enjoy possession for a specified period of time; sometimes called a term of years. The leaseholder may be designated as lessee, or termor. (Hogue, Arthur R. Origins of the Common Law, 256)
A leasehold is like the freehold title in that it is exclusive and enforceable and can be transferable and divisible, but it is of limited duration. Hartwick, John M., and Nancy D. Olewiler. "The Economics of Natural Resource Use," page 8. Harper and Row Publishers, New York, 1986.
Created when the owner of a property (lessor), grants the tenant (lessee), the right to a parcel of land for a period of time. The tenant is granted possession of the property for a specified period of time and in return pays a stated rental fee. Typical leasehold properties have a lease term of 99 years and the remaining term of the lease must exceed the remaining term of any lien on the actual structure built on it.
This is when you own the property for a set number of years, after which it goes back to the freeholder. Sometimes the lease is for a very long period, such as 999 years. Often, 99 years is the leashold period. Most flats are on leasehold, and although lenders will lend on leasehold properties, they will demand that there is a number of years left on the lease before making a loan.
A type of ownership whereby the person(s) own the property but not the land it stands on. The land will typically be leased to the owner for a certain period of time and they may be required to pay some form of rent.
The property is not owned directly by the property purchaser and is held under a lease for a fixed period. As a leaseholder you have the right to live there for a specified length of time, and should pay rent and service charges to the landowner.
Occupation of the land under a lease whereby the land owner charges a rental on the land and the occupant (or lessee) obtains the right to occupy the land for a specified term at a specified rent. Any improvements on the land, i.e. building of a house or additions, legally belong to the occupant but the ownership is subject to the terms of the lease.
If you buy a lease holding, you own the property for a set number of years, after which the freeholder owns the property. Most flats in England are leasehold. Legislation has recently been brought in to enable leaseholders to club together to buy the freehold.
Leasehold is when a property is owned for a set number of years, after which it then goes back to the freeholder. The majority of flats in England are leasehold and most lenders will lend money on leasehold properties, but will insist that there are a number of years left on the lease before agreeing the loan.
A lease ownership or Right-To-Use ownership that grants the lessee the right to use the property for a specified period of time (from 20 to 99 years). A resort developer or management company owns the property. Leasehold properties are found in locations such as Hawaii and Mexico.
There are some states and some countries do not allow deeded ownership of timeshares. Therefore, a lease ownership or Right-To-Use (RTU) ownership grants the leasor the right to use the property for a specified period of time.This ca be anywhere from 20 to 99 years. Ownership of the actual property is held by the resort developer company or management company. Most properties in Hawaii and Mexico are leasehold properties.
This means that you own the property for a limited time period, after which it reverts back to the Freeholder. Most lenders will lend on leasehold properties, provided that the number of years remaining on the contract is above a certain minimum, typically between 25 and 50 years.
Some states and some foreign countries do not allow deeded ownership of timeshares. Alternatively, a lease ownership or right-to-use (RTU) ownership grants the leasor the right to use the property for a specified period of time; usually from 20 to 99 years. Ownership of the physical property is held by the resort developer or management company. Most properties in Hawaii, for instance, are leasehold properties. The same is true in Mexico.
Some properties, particularly flats and apartments, will usually be leasehold as opposed to freehold. A leasehold is where the property is held under a lease with a head landlord who will own the freehold. The lease will be for a definite term of years and a rent may be payable to the landlord. Sometimes, a service charge will also be payable in respect of the maintenance and upkeep of the common parts of the building.
The right to possession and use of land for a fixed period of time. The lease is the agreement which creates the right. The person who has the leasehold is the tenant or lessee. The person who grants the leasehold is the lessor or landlord.
The right to live on a property, like a house, as a tenant. You are an occupant of the property however you do not hold the title to the property. The leasehold is personal property and will be for a set period of time.
If you buy leasehold, you only own the property itself for an agreed period of time - not the land on which it is built. An example of this might be a 99-year-lease on a flat where you pay an annual rent (called the "ground rent") to the owner of the freehold of the building which contains your flat. At the end of the 99 years the property reverts to the "freeholder" of the building. The value of your flat will decrease as the lease gets shorter.
This is when you own the property for a set number of years, after which it goes back to the freeholder. Most flats in England are leasehold, and although most lenders will lend on leasehold properties, they will demand that there is a number of years left on the lease before making a loan (this could be 60 years, but will depend on the lender).
Ownership of land (normally for a fixed period) subject to an annual payment of a ground rent to the owner of the freehold. Usually a leasehold property is a flat or maisonette, although in some areas conventional houses and bungalows of a leasehold tenure exist.
If a property is described as leasehold rather than freehold, then you will not own the property outright, although as a leaseholder you will have the right to live there for a specified time in return for rent and any service charges payable to the landowner or landlord.
When you buy a leasehold property essentially you are buying nothing more than the right to occupy a building for a given length of time. You will have to pay ground rent and maintenance in addition to a one-off payment that buys ownership of the lease until it is sold or runs out. The amount of alterations you can make to the property varies accordance with the lease and you may well have other conditions imposed upon you by the landlord.
The legal word for the ownership of a lease. It usually refers to a flat but also includes leases on commercial properties such as shops and offices. The term of a lease can vary from six months to 999 years.
If you buy a leasehold property, you own the property for a set number of years but not the land on which the property is built, as opposed to freehold where you own both the property and the land indefinitely.
You buy the right to own the home and lease the land for a certain time. You pay rent to the landlord for the land. You can sell the lease if you want to move on. There may be restrictions on your use of the property.
If your property is leasehold, ownership of the property reverts to the Freeholder at a set date. Many houses were originally sold on 999 year leases which means that 999 years after the initial date of the Leasehold, ownership of the property reverts to the Freeholder. Building in multiple occupation such as apartments, are always sold on a leasehold and usually have a much shorter leasehold period - 100 and 125 years is quite common. Often, with a block of apartments, the apartment owners individually own the leaseholds whilst a management company, in which they hold shares, owns the freehold. These days, however, leaseholders who live in the property have the legal right to buy their freehold under terms laid down by UK law.
Ownership of the property lasts for a specified period, determined by the details of the lease, but usually 99 years. Once the lease expires, ownership of the property reverts to the leaseholder. The property can be sold while the lease is still running but the value of the property will fall as the lease expiry date nears.
In the case of leasehold properties, for example some flats, the buyer purchases a lease which guarantees the right to occupy the property for a set period, rather than buying the actual bricks and mortar. Leases can be varying lengths, but new leases are typically for 99 or 999 years.
The second current tenure of land recognised by English law. This is over a term of years and not forever. There will be a landlord who will own the freehold. This usually relates to a flat or apartment.
the "term of years absolute" is the only legal estate in land other than freehold and is the form of tenure by which many residential flats are owned in Britain - they are held from a landlord to a tenant under a lease for a specific term of years at a premium and with a ground rent payable.
a block of flats or converted house will usually be owned by a freeholder. Instead of buying the part of the building that makes up the flat you will by the leasehold, that is the right to live in the property for a number of years. When the lease is first granted the term will usually be at least 99 years, however when you buy the flat there may be fewer years left on the lease. Lenders are usually very strict about how many years are left on the lease when they make a mortgage offer.
A form of land tenure where a person has rights over a piece of land for a specific period, known as the lease term. Leases can be extended if necessary, and leaseholders have the right to buy the freehold if the lease is over 21 years in length.
A mortgage taken out on a leasehold property means that you are buying a property for an agreed period of time, but not the land the property is built on. A leasehold period normally ranges from 99 years, but can be for as long as 999 years for commercial property. At the end of the lease the property reverts back to the landowner, unless the leasehold is renewed. The value of a leasehold property can fall significantly as the end of the leasehold approaches. Leasehold rules in Scotland are applied differently.
If you buy a leasehold property you don't own the property rather the right to live there for a specified period of time, however much time remains on the lease. The owner of the property is called the freeholder or landlord.
A type of land tenure by which a person has rights over the land for a specific period of time. The Leasehold Reform, Housing and Urban Development Act 1993 states that leases of over 21 years can either be extended or the freehold can be purchased.
Leasehold is a form of land tenure whereby a person has rights over a piece of land for a specific period. Most residential leases have long terms, and those with leases of over 21 years can legally buy out the freehold or extend the lease under the provisions of the Leasehold Reform, Housing and Urban Development Act 1993.