Find out what you don’t know-What does the terms Freehold and Leasehold mean in the world of Waterfront Property?
The terms Freehold and Leasehold refer to the ownership of real property. We see both types of ownership in our area. The two terms Freehold and Leasehold come from England and the King, referring to the common mode of property ownership.
A Freehold property means you own the land, the buildings attached to the land and improvements that is measured and scaled by the means of a survey. To be considered Freehold in law two things must happen. The ownership of the property must be forever or of an indeterminate duration of time and 2, immobility, you can not be able to move the property. So think of your own property, you can not move you house and land to a new location and there is no time limit when you must vacate.
Now, A Leasehold property is when the structure on the property is owned but the land is being leased by the owner of the structure. The leasehold is an ownership of a temporary right to hold the land. There are many more restrictions to a leasehold over a freehold property. Land can be leased from governments, first nations or private companies.
This is why you see Leasehold properties being offered for much less than Freehold. With Leaseland you are purchasing the structure and the right to use the land for a specific amount of time. Because of this you will find financing lease land is much more difficult to do.
If you have any further questions, please do not hesitate to ask.
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