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At zero, the home becomes the property of the freeholder – the real owner of the land and building - and leases with few years left are extremely expensive to extend and worth little to sell.
Rentcharge is a legal device which permitted an annual payment to be continually levied on a freehold property. A deed made with the parties' knowledge is legally effective against land to effect this and has been lawful since the 1290 Statute of Quia Emptores ().
A freehold, in common law jurisdictions or Commonwealth nations such as England and Wales, Australia, [1] Canada, Ireland, India and twenty states in the United States, is the common mode of ownership of real property, or land, [a] and all immovable structures attached to such land.
For example, a property may have a value of £300,000 if it has a 99 year lease but only be worth 85% of that value if the lease has only 70 years remaining. If the leaseholder with 70 years unexpired is entitled to extend the lease to 99 years or more, they have the opportunity to increase the value of their interest in the property by £45,000.
Still, the scope of the problem – renters have a median net worth of just $10,400 compared to about $400,000 for homeowners with only about half of that accounted for by home equity – suggests ...
A leaseholder in Basingstoke who said fighting a property management company took over his entire life will soon be in charge of running his block of flats. Matthew Wheeler moved into his flat two ...
Country house conversion to apartments is the process whereby a large country house, which was originally built to accommodate one wealthy family, is subdivided into separate apartments (i.e. flats or condos) to allow multiple residential occupancy by a number of unrelated families.
The Residential Freehold Association (RFA), which represents the largest freeholders in the country, strongly disagrees that the system is “exploitative” but says it has “called for ...