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Perpetual lease, or lease in perpetuity – may be used only for a specified purpose. Freeholding lease – after approval is granted, convert a lease to freehold, and the lessee pays the purchase price in installments. This is an interim tenure; freehold title is not issued until all purchase costs have been paid.
If the time of ownership can be fixed and determined, it cannot be a freehold. It is "An estate in land held in fee simple, fee tail or for term of life." [4] The default position subset is the perpetual freehold, which is "an estate given to a grantee for life, and then successively to the grantee's heirs for life." [4]
The sale of land is governed by the laws and practices of the jurisdiction in which the land is located. Real estate called leasehold estate is actually a rental of real property such as an apartment, and leases (rental contracts) cover such rentals since they typically do not result in recordable deeds.
In this sense, a ground rent is created when a freehold piece of land is sold on a long lease or leases. [1] The ground rent provides an income for the landowner. [2] In economics, ground rent is a form of economic rent meaning all value accruing to titleholders as a result of the exclusive ownership of title privilege to location. [3] [4]
Copyhold was a form of customary land ownership common from the Late Middle Ages into modern times in England.The name for this type of land tenure is derived from the act of giving a copy of the relevant title deed that is recorded in the manorial court roll to the tenant, rather than the actual land deed itself.
The fee simple estate is also called "estate in fee simple" or "fee-simple title", or sometimes simply "freehold" in England and Wales. From the start of the Norman period, when feudalism was introduced to England, the tenant or "holder" of a fief could not alienate (sell) it from the possession of his overlord.
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An important difference between commonholds and leaseholds (leases) is that a commonhold is indefinite in time, unlike a leasehold which is only granted for a fixed period of time (the term). As a consequence, a commonhold title is not a depreciating asset, whereas leaseholds lose value as the end of their term ( term of years or in extraneous ...