The Difference Between Freehold and Leasehold
Freehold and leasehold are two ideas that are normally interchanged with each other. Understanding each carefully is important since they are both legally binding. When we say freehold, that means that the building and the lot where it stands will be yours. That implies that you could do whatever you want with it as long as it is not illegal. Meanwhile, leasehold means that you do not have all the rights when it comes to the property and you only have a fixed number of years to stay in the property. During your stay, you are required to pay for an agreed amount including or excluding your utility bills according to the articles of your contract.
Conveyancing experts say that the processes of freehold are simpler and more straightforward when it compared to leasehold. Most mortgage companies are not willing to give a lease especially when the period is too short. Companies are normally giving out mortgages that are beyond at least three months. Some leasehold contracts may even go beyond 999 years as stated by the agreed contract of the lease.A convenyancing solicitor will greatly help you when it comes to these technicalities if you want to have a freehold property or a leasehold one.