Unlocking The Mysteries: Freehold Vs. Leasehold Vs. Flying Freehold In Thanet
01/07/2024 345
Unlocking the Mysteries: Freehold vs. Leasehold vs. Flying Freehold in Thanet | Cooke & Co

Unlocking the Mysteries: Freehold vs. Leasehold vs. Flying Freehold in Thanet

Understanding the various property tenures in Thanet is essential for homebuyers looking to make informed decisions. In a world where jargon often replaces plain talking, this article demystifies the terms freehold, leasehold, and flying freehold, highlighting the differences and implications they have regarding property ownership.

Freehold

Freehold properties are the most straightforward type of ownership. Buying a freehold means you own the property and the land it stands on outright, without any time limit. It’s yours – forever, if that’s what you want. Freeholders have complete control over their property, subject to planning laws and other legal obligations. They are responsible for maintaining the property’s structure and grounds but have the freedom to make alterations without seeking permission from a landlord.

Leasehold

On the other hand, leasehold means purchasing the right to occupy land or a building for a set number of years. Leaseholds are common in flats and apartments and can range from short-term, like 60 years (approach with extreme caution), to long-term, over 999 years. Leaseholders own their property but not the land it stands on. They must pay ground rent to the freeholder and adhere to lease conditions, including restrictions on subletting, owning pets, or making structural changes. Leaseholders also face additional expenses, such as service charges for maintenance of common areas.

Share of Freehold

This type of ownership is commonly found with apartment buildings or homes that have been divided into flats. Share of freehold means you own the leasehold of your property, and also a freehold share of the building in which your home is located and the land it sits on.

Flying Freehold

Flying freehold is a less common and more complex type of property interest that occurs when part of a freehold property extends over or under another freehold property. This can happen in buildings divided into multiple dwellings, where one owner’s bedroom might lie directly above another’s living room. Flying freeholds often involve legal complexities because the overlapping parts may not be covered by the main property deeds, leading to potential disputes over repair and maintenance responsibilities.

Making Informed Decisions

When considering a property purchase, it is crucial to understand which type of ownership you are buying into. In short, freeholds offer more control and fewer ongoing costs but are typically more expensive. Leaseholds may be initially cheaper but come with ongoing charges and potential restrictions. Flying freeholds require careful legal examination due to their unique complications.

Awareness of these distinctions will help you be better equipped to choose a property that fits your long-term goals and financial plans. Contact Cooke & Co Estate and Letting Agents today if you have any questions about anything discussed in this article.

Different Tenures
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About Cooke & Co

Cooke & Co, a liked and respected estate agency trading since 1992, is conveniently situated in the picturesque seaside district of Thanet. We proudly operate from our local offices in the region's primary towns, namely Margate, Broadstairs, and Ramsgate. Additionally, our extensive reach encompasses the charming areas of Westbrook, Westgate, Birchington, Monkton, Manston, and Minster. Our presence in these diverse locales enables us to offer an enriched understanding and comprehensive service to the property market in these prime coastal towns and villages.

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Visit our main website at www.cookeandco.com or contact us via email at enquiry@cookeandco.com. If you would like a free instant valuation of your home, then visit our free instant valuation site.

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