LEASEHOLD PROPERTY- ALL YOU NEED TO KNOW
LEASEHOLD PROPERTY:
“Leasehold” refers to when a property purchaser buys the buildings and other structures on a property, but the land itself remains the property of the original owner. The purchaser is effectively renting the land from the owner. This sort of arrangement is often shunned for its reputation for getting complicated when it comes to legal matters. If you’re in doubt, get in touch with us to find out more about the areas of property law relating to leaseholds.
In a leasehold, the lease acts as a license for the lessor, in which the freeholder of the land and property grants right to use the property for a stipulated period of time. For this, the lessor is required to pay a price in the form of Lease Rent or Ground Rent, which may include service charges decided on the basis of how a building is managed……
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